Coal India production grows 5.3% in November

Coal India Ltd (CIL) on Saturday reported that its coal production grew by 5.3% to 50 million tonnes (mt) in November as compared to 47.47 mt of coal produced in the corresponding month last fiscal.

CIL, which produces 84% of the country`s coal production, was targeting 53.85 mt of coal production during the month.

According to provisional data, the miner produced 323.57 mt in April to November period, achieving 90% of the target of producing 360.84 mt.

The coal behemoth`s production grew by only 0.7% in the April-November period from 321.38 mt produced in the corresponding period last year.

It also reported that its off-take during April-November period was down by 0.2% at 340.32 mt as against a target of 381.55 mt. The off-take for November stood at 48.16 mt achieving 97% of the target. 

In 2015-16, the state miner produced 538.75 mt of coal against a target of 550 mt and its off-take was at 534.5 mt.

During the current fiscal, the coal production target has been pegged at 598.61 mt and production is expected to be 660.7 mt in 2017-18.

The company envisaged production of 908.10 mt in 2019-20 with a CAGR (Compound Annual Growth Rate) of 12.98% with respect to 2014-15.

In its latest annual report, CIL said it would invest Rs 7,765 crore as capital expenditure and Rs 5,069 crore in various other projects in 2016-17.