03-08-2017

Coal India's July output growth flat on year

Coalindia

State-run Coal India Ltd.'s production in July was 36.64 million mt, as against a target of 37.66 million mt, the company said in a regulatory filing to the Bombay Stock Exchange late Tuesday.

The July output growth was flat year on year.

Production in the first four months of the current fiscal 2017-2018 (April-March) was 155.48 million mt, versus a target of 168.03 million mt and down 4% year on year, the company said.

Coal India's July offtake was 44.33 million mt, as against a target of 44.96 million mt and up 6.9% year on year.

The offtake for April-July period was 181.69 million mt, as against a target of 194.24 million mt and up 4% year on year.

The company is clearing its pithead stocks as production slides during the monsoon season (May-September), which is why its offtake has gone up, sources said.

Coal India is India's largest coal producer, meeting around 84% of the country's total coal requirement.

The company aims to produce around 600 million mt of coal in the current fiscal and 1 billion mt by fiscal 2019-2020.

The country's second-largest coal producer, state-owned Singareni Collieries Co. Ltd.'s July output was 4.40 million mt, rising 14.8% from 3.83 million mt in July 2016.

SCCL's dispatches in July were also up 21.8% to 4.85 million mt from 3.98 million mt in July 2016.

In April-July 2017, the company's output was 18.74 million mt, as against a target of 20.32 million mt and up 4.4% year on year, while dispatches stood at 20.44 million mt, versus a target of 21.78 million mt and up 13% year on year.

The company has set an output target of 100 million mt for 2020.

SCCL operates 30 underground mines and 16 open-cast mines, and sells around 66% of its coal to power utilities and the rest to cement, captive power, sponge iron and other customers.

Source: Platts 

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