Coal India has raised its production and offtake in FY16 also reported a production growth of 9% in H1 of FY16 compared to corresponding period of last fiscal.
To Satisfy India’s growing hunger for coal and to achieve the target of 1 BnT till 2020, Coal India has increased its production aggressively in this fiscal through its all subsidiaries. The company has registered a positive growth of 9% and 10% in its total production and dispatch till Oct’15 respectively.
Coal India’s coal production during the second quarter (Jul’15-Sept’15) of the current fiscal was 108.20 MnT as against 102.42 MnT for the second quarter of FY15. The company has produced about 250.9 MnT of coal till Oct’15.
The offtake for Q2 FY16 was 121.99 MT (251.38 MT up to 30 Sept’15) compared to 110.49 MnT in second quarter of FY15 (230.09 MT up to 30 Sept’14).
Source: CIL, SteelMint
Quantity in MnT
The company has also registered a 16% rise in consolidated net profit at INR 2,543.80 crore in Q2 of FY16 on the back of higher net sales growth of 8% corresponding to last fiscal.
Although about 30.74 MnT coal were sold by CIL through e-auction during the Apr’15-Sept’15 with an average price of INT 1,994/MT. CIL’s coal auction prices may hit owing to continuous falling global prices and premiums over FSA prices which is under pressure on account of low end-user demand.
E-auction volumes are expected between 12.6-16 MnT in Q2 FY16. It was at 10 MnT in Q2 FY15.
Leave a Reply