Coal India Ltd (CIL) has reported never-seen-in-the-recent past performance in parameters during the quarter ending in Sep’17.
The company had clocked growth of 13.6% in overall coal-off take, 13.6% in coal supplies to power plants, 8.3% in coal production, 7% in average rake loading/day and 9% in coal supplies to NTPC and JVs on Y-o-Y basis during Q2FY18.
Overall coal off-take stood at 131.58 MnT during Q2FY18 (Jul’17-Sep’17) compared to 115.87 MnT during the same quarter last fiscal registering a growth of 13.6%.
Coal Production had also risen up to 113.04 MnT during Jul’17-Sep’17, registering growth of 8.3% compared with production of 104.37 MnT recorded during the same quarter last year.
India had face energy crunch as power generation from hydro, nuclear and other sources plunged down by 12%, 36% and 7% on the month respectively in Aug’17. In the wake of power demand, electricity from thermal power plants (TPPs) went up substantially necessitating higher coal requirement.
Under coordination and close monitoring from Ministry of Coal, CIL had stepped in to augment coal supplies to power plants. During the month of Aug’17 and Sep’17, CIL’s coal supplies to power plant had increased 20% and 21% respectively compared with the same months last year. Continuing the trend, CIL has also recorded growth of 18% in Oct’17.
Coal Supplies to power utilities had increased to 104.34 MnT during Q2 FY18 against 91.81 MnT on a like-to-like quarter last year, registering a growth of 13.6%.
Also, Coal Supplies to NTPC and its Joint Ventures registered 9% growth in Q2FY18, as supplies surged to 38.36 MnT against 35.20 MnT during the same quarter last year.
CIL in collaboration with Ministry of Coal and Ministry of Railways had increased wagon loading to augment coal supplies. CIL’s average loading of rakes per day went up to 208.8 during Q2FY18 against 195.2 rakes a day on a same quarter comparison of last year, tweaking up to 7% Y-o-Y.
Despite stand out show in terms of performance parameters, CIL’s consolidated profit after Q2FY18 had fallen 40% to INR 368.88 Crore compared with INR 612.44 Crore in the corresponding quarter last fiscal. Major cause for the fall was the provision of INR 2300.87 Crore made by CIL towards wage settlement in employee costs.
However, the strong coal consumption across the country prospects a better performance from CIL in terms of profit, during the second half of FY18.
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