- PM Manmohan Singh asks ministries to work out stake sale plans in BHEL, Coal IndiaCIL reduces premium for tapering linkage holders from 40% to 20%Green light on project area expansion to up Coal India Ltd output by 40 mtQuick update: EGoM okays IOC share sale to ONGC, OIL for Rs 4,800-5,000 crore
Coal India (CIL) has been able to achieve 95% of its production target for the April-December period so far, achieving growth of 3.2% y-o-y.
Offtake target for the period grew a meager 1.7% y-o-y with 96% of the target achieved so far, the company said in a BSE filing.
Lower growth in offtakes means lower growth in revenue but CIL is likely to make up for the lower revenue growth through the price escalation that has taken place this fiscal, an official said.
CILís production for the nine-month period stood at 366.57 million tonne (mt), 17.31 mt short of its target. Itís offtake was 385.96 mt against the targeted 401.18 mt for the period.
Two subsidiaries ó Western Coalfields (WCL) and Northeastern Coalfields (NEC) ó registered negative growth in its production by 7.7% and 13.8% respectively. Other subsidiaries had positive growth with BCCL achi-eving 99%, CCL 94%, NCL 94%, SECL 99% and MCL 93% of its production target during the period. NECís achievement was only 44% of its target, producing 0.35 mt against the targeted 0.81 mt.
ECL, however, was the lone exception, producing 106% of its target for the nine-month period. ECL produced 28.58 mt against its targeted 26.86 mt for the April-January period. Its January production was also in excess, achieving 103% of its production target.
NEC slipped out for the nine-month period but achieved 131% production in January, producing 0.12 mt against the targeted 0.09 mt.
ECL remains the frontrunner in terms of achieving offtake targets.
Although CIL chairman S. Narsing Rao earlier said the company could miss its production target of 482 mt by around 5 mt, officials believe the gap would be more, though production generally picks up during the last quarter.
CIL has to produce 110.43 mt during the last quarter if it has to remain only 5 mt short of its target. But the company has the potential to produce more than 140 mt in the last quarter, which means there might be no shortfall from the projected production target of 482 mt, an official said.