"During the quarter ended December 2020, CIL at 154.6 million tonne (MT) supplied 13 MT more coal to the consuming sectors, posting 9.2 per cent growth compared with 141.6 MT of the third quarter of last fiscal," the statement said.
The cut in employees’ benefits mainly include salaries, performance-related pay of executives, performance-linked reward of non-executives, and coal mines provident fund contributions saved the company Rs 735 crore.
State-owned Coal India Ltd (CIL) on Friday said the supply of coal to the consuming sectors rose 9.2 per cent to 154.6 million tonnes (MT) in the third quarter of the current financial year. The company had supplied 141.6 MT of dry fuel in the corresponding quarter of the previous financial year, the state-owned company said in a statement.
“During the quarter ended December 2020, CIL at 154.6 million tonne (MT) supplied 13 MT more coal to the consuming sectors, posting 9.2 per cent growth compared with 141.6 MT of the third quarter of last fiscal,” the statement said.
The state-owned firm’s total output stood at 156.8 MT in October-December 2020, a 6.3 per cent jump as compared with 147.5 MT in the year-ago period.
The quarter-on-quarter output increase was a whopping 41.8 MT, clocking a robust growth of 36.4 per cent. CIL produced 115 MT of coal in the previous quarter.
“With the non-power sector consumers lifting increased quantities of coal during this year’s third quarter, CIL could record a robust 43.4 per cent growth in supplies to this sector,” the company said in a statement. CIL supplied 36.62 MT to non-power consumers in the October-December 2020 period, compared with 25.53 MT a year ago.
“The demand for coal from the power sector is yet to crystallise fully,” it added. Despite the tepid demand, there was a nominal growth of 1.5 per cent in supplies to power plants during the third quarter of 2020-21. CIL’s offtake to the power sector was 117.8 MT in October-December 2020, against 116.07 MT in the year-ago period.
The company’s over burden removal (OBR) clocked a healthy growth of 17.6 per cent at 366.23 million cubic metres in the third quarter of 2020-21, clearing the way for easier future production. OBR was 311.52 million cubic metres for the comparable quarter last fiscal. CIL has been registering a steady growth in OBR since the beginning of the fiscal.