Coal India May Miss Annual Output Goal for FY 18

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1111 1 - Coal India May Miss Annual Output Goal for FY 18Coal India Limited (CIL), the largest coal miner in India, produced 54.63 million tonnes of coal in December 2017, falling short of a predetermined target of 58.89 million tonnes, the company said in a filing to the Bombay Stock Exchange Monday. The output rose up slightly 0.7% year on year.

Looking back for the April-December 2017 period, the monopoly produced 383.93 million tonnes of the fossil fuel, completing 94% of the 406.58 million tonnes target set for that period.

In spite of this, the output had risen 1.6% from 377.77 million tonnes produced in the same period of 2016.

In December, CIL sold 53.44 million tonnes of coal to its customers against a target of 53.84 million tonnes, but it was 3.8% higher year on year.

The state-run miner achieved a 7.6 percent growth in coal sales to 421.41 million tonnes during the first nine months of 2017-2018 Fiscal Year, which will end in March 2018, as compared to 391.78 million tonnes during the same period last year.

Coal India had set an annual production target of 600 million tonnes of coal for the current fiscal year and 1 billion tonnes by 2019-2020, however, it may fail to hit the target in view of the production pace for the latest months.

An official from CIL said that the company is striving to make up the shortfall by producing in excess of 2 tonnes per day.

In addition to CIL, Singareni Collieries Company Limited (SCCL), India’s second largest coal producer, reported an output of 41.99 million tonnes for the Apr-Dec period in 2017, versus a target of 45.73 million tonnes.

SCCL had recorded an output of 61.34 million tonnes for 2016-2017 Fiscal Year, and it has set a production target of 100 million tonnes for 2019-2020.

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