Coal India said that the coal off-take from its subsidiary Mahanadi Coalfields peaked to 146.12 million tonnes (MTs) on January 5th, overtaking the total supplies that the company registered for full year of FY21.
Mahanadi Coalfields (MCL) had supplied 146 MTs of coal in FY21.
"The feat was accomplished 85 days before FY23 draws to a close, Coal India said in a statement.
It further stated that MCL's year-on-year growth in supplies was around 11%. It supplied 132 MTs of coal year ago same period.
A senior executive of CIL commented: MCL's growth curve has been phenomenal in FY23 in terms of production and supplies, the highest among all our subsidiaries. This helped us in pushing up our overall output and off-take.
The Odisha based coal company supplied 143.4 MTs of coal till December FY23, the highest among CIL's subsidiaries and13.7 MTs ahead of the progressive target achieving 111% satisfaction. MCL's supplies accounted for 28.2% of CIL's total off-take of 507.8 MTs.
Against the contracted quantity of 81.5 MTs to its power sector customers, the actual supply from MCL was 102.7 MTs till December FY23, resulting in 126% materialization.
MCL's production of 137.7 MTs was the highest among CIL's producing subsidiaries, achieving 116% of the progressive target ending December 2022. Increase over the target was 19.3 MTs. Of CIL's output of 479 MTs till December, MCL alone accounted for 28.7% of the total output.
"A growth of 14% in over burden removal at 168.8 million cubic metres till December and being ahead of the progressive target with an achievement of 111% means MCL's coal extraction would be quicker in the ensuing months, CIL added.
CIL is a coal mining company engaged in the production and sale of coal. As of 30 September 2022, the Government of India held 66.13% stake in the company.
The company's consolidated net profit zoomed to Rs 6,043.99 crore in Q2 FY23 from Rs 2,932.73 crore in Q2 FY22. Net sales during the quarter increased by 29% YoY to Rs 27,538.59 crore.
The scrip rose 0.86% to currently trade at Rs 216.85 on the BSE.
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