Constrained by various factors, including an Environment Ministry notification that limits project expansion, coal production during the XI Plan may slip below the 483 million tonnes that was projected after a mid-term appraisal against an original target of 520 million tonnes. P. S. Bhattacharyya, Chairman, Coal India Ltd (CIL), said: “It could happen (the slippage) although we will try to produce 483 million tonnes.”
Addressing a pressmeet to announce the half-yearly results, Mr. Bhattacharyya said that the impact of the Environment Ministry notification on new projects might also be sizable. "We have asked every CIL subsidiary to assess the impact,” he said.
“The Coal Ministry has made a presentation . We do not want any rules to be bent but for the calculation of CEPI in mining areas, we want a ‘CEPI for mining activity' as otherwise the coal company becomes the victim of other polluting industries in the vicinity as then the CEPI is not found to be in the required range,” Mr. Bhattacharyya said in his first media interaction since CIL's listing.
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CIL Technical Director N. C. Jha said that owing to reasons of high inventories carried forward this year, as well as evacuation problems, CIL closed the first-half with 185.7 million tonnes which was18.1 million tonnes behind target. On the financial front, however, the results were less-gloomy and this will be sustained through the year, it was learnt.
CIL Director Finance A. K. Sinha said that earnings before interest, depreciation, tax and amortisation increased by 39 per cent and stood at Rs.5,800.50 crore while net sales stood at Rs.22,525 crore.
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The company reported a growth of 29 per cent in its net profit at Rs.4,020 crore during the April-September period this year against Rs.3,115 crore during the corresponding period in 2009-10.