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The company produced 700.4 MTs of coal till the penultimate day of financial year 2022-23, with 100.4% target satisfaction. The production grew 13% over 619.8 MTs of same date in financial year 2021-22. With a day left, the company said that it is likely to end FY'23 with 703.4 MTs output going by the current rate of production. It produced 622.6 MTs in the previous fiscal year.
"Overcoming the stiff target of 700 MTs was a challenging task but all our subsidiaries went the extra mile to chip in their best," said a senior executive of the company.
Further, the company surpassed the over burden removal (OBR) target for the first time in seven years since 2015-16, it has made short the target of 1,634 million cubic metres (MCuM) four days before FY'23 closure on 27 March.
CIL's OBR rose to a new record of 1651.7 MCuM as of 30th March, registering 101.4% of the target. The previous high was 1362 MCuM, The growth was 21.6% over similar period of FY'22. The 294 MCuM volume expansion in a single year till date is the highest ever increase.
The executive said, “Growth in OBR is an encouraging indicator and bodes well for CIL in ramping up the production in the first quarter of FY'24, especially when faced with a challenging target of 780 MTs. Exposing the coal seam for future readiness, OBR facilitates faster coal extraction.”
Coal India is a coal mining company engaged in the production and sale of coal. As of 31 December 2022, the Government of India held 66.13% stake in the company.
The company's consolidated net profit soared 70.1% to Rs 7,755.55 crore on 24.8% jump in net sales to Rs 32,429.46 crore in Q3 FY23 over Q3 FY22.
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