Seven subsidiaries produced 167.3 million tonnes of coal in the first five months

Coal India Ltd. (CIL) has clocked a growth rate of 2. 7 per cent in production, and 3.6 per cent in offtake in the first five months of 2013-14. However, with respect to both parameters, performance was marginally short of targets. In a stock exchange filing, the company said that in August, its offtake, at 35.5 million tonnes, was 99 per cent of the target set for the month. On a cumulative basis, however, target fulfilment was a tad lower at 98 per cent while the offtake growth rate stood at 3.6 per cent. In respect of output, CIL’s seven subsidiaries produced 167.3 million tonnes of coal in the first five months, which represented a 97 per cent target fulfilment and a 2.7 per cent growth rate.

CIL Chairman S Narsing Rao told The Hindu that although the company was lagging behind targets, he was confident that the year’s output and offtake targets would be hit.

“It is still doable, although the asking rate has become 7.25 per cent now… but we have seven months still to go,” he said.

Coal stocks stood at 36 million tonnes at August end, indicating a drawdown of 31 million tonnes since April. Rake availability has been satisfactory, Mr. Narsing Rao said.

More In: Industry | Business