Coal India’s September output drops by way of 1% on monsoon rains, remains at 40% of FY25 goal – Business Information

State-owned Coal India Ltd (CIL) on Tuesday announced that it has recorded coal production of 50.9 million tonnes (MTs) in the month of September, reporting a decline of 1.0 per cent in comparison to 51.4 MT posted during the same period last year, due to monsoon rains taking its toll on the output. In a regulatory filing, the company said that during the month, Coal India’s four subsidiaries out of eight reported a decline in production in the range of 5 per cent to 15 per cent on YoY basis. 

The total output during April-September 2024 period stood at 341.3 MT, up 2.5 per cent as against 332.9 MT posted during the same period of previous year. Coal India’s output mostly picks up in the later half of the year.

Meanwhile, coal offtake during the month stood at 54.4 MT, posting a decline of 1.4 per cent as against 55.2 MT during the corresponding period of previous year. For April-September 2024 period, coal offtake came in at 366.6 MT, up 1.7 per cent from 360.6 MT on YoY basis. 

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Earlier in August, Coal India released its fiscal first quarter earnings with a 4 per cent on-year rise in its consolidated net profit at Rs 10,943.55 crore, on improved sales. On a sequential basis, the net profit increased by 26.6 per cent.The company’s revenue from operations increased marginally by 1.3 per cent to Rs 36,464.61 crore against Rs 35,983.21 crore in the same period the previous fiscal. 

For the first quarter of FY25, the company produced 189.28 million tonnes of coal, up 7.8 per cent from 175.47 MT in Q1FY24. Off-take of coal also increased to 198.50 MT from 186.95 MT during the same period of FY24.

Later in September, while speaking at the BloombergNEF summit, Coal India business Development Director Debasish Nanda had said that the company aims to add 5 gigawatt (GW) of renewable energy capacity by 2028, a year earlier than the company had envisaged. Additionally, in its attempt to diversify its green energy portfolio, the company is looking to set up pump storage projects in its exhausted open-cast mines and is under various stages of dialogues with different countries for acquisition of critical mineral assets.