Coal India surpasses supply commitments with stellar performance in FY 2024
Coal India Limited (CIL), the world’s largest coal mining company, has achieved a remarkable milestone in the fiscal year 2024, surpassing its projected commitments. The public sector entity supplied an all-time high volume of 98 million tonnes (MT) to non-regulated sector (NRS) consumers till December FY 2024, marking a significant 31% growth over the 75 MT supplied in the same period last fiscal.
Increased Production and Offtake:
CIL’s commitment to increasing production and maximizing supply has led to a significant rise in offtake to the country’s power plants. The company delivered 454 MT of coal to power plants from April to December FY 2024, exceeding the committed quantity of 446 MT. This represents an increase of 21 MT and about 5% growth compared to the same period last year.
Coal India Exceeds Expectations: Record Supply to Power Sector and Non-Regulated Consumers
Sustained Growth and Higher Production:
All of CIL’s producing arms have posted positive growth, with the miner producing 532 MT of coal at the end of the nine-month period FY 2024, logging an 11% year-on-year growth. This production level is a sharp rise of 53 MT over the 479 MT produced during April-December FY 2023. Coal India Limited has sustained double-digit growth since July 2023, reflecting its robust performance.
Increased Appetite for Coal:
With the continuous demand for coal, CIL’s total off-take rose to 552 MT, showing a healthy growth of 8.7% till the end of December FY 2024. This is a 44 MT higher supply compared to the 508 MT in the last year’s similar period. Five of CIL’s subsidiaries have recorded double-digit growth.
Surge in Coal Stocks:
Coal stocks at domestic coal-based power plants surged to 32 MT by the end of December FY 2024, approximately 5.6% more than the previous year. Additionally, coal stock at CIL’s pitheads stood at around 50 MT as of December FY 2024 end, 56% higher than the inventory of 32 MT of the same period last year. This provides a comfortable buffer against any sudden demand surge, said Coal India Limited.