Coal India trades higher on reporting production and offtake figures

Overall, the coal production went up by 3.9% YoY to 64.3 Mill Te as against 61.9 Mill Te in the corresponding period last year.

Coal India Ltd, an Indian government-owned coal mining and refining corporation surged significantly after the company posted its provisional production and offtake performance of CIL and subsidiary companies yesterday.

The information was provided for February 2022 and for the period April 21 to February 22.

In all, the company has 8 subsidiaries. During the last month, 4 of the subsidiaries reported positive growth in the production numbers. Bharat Coking Coal Limited (BCCL) led the category in this aspect by reporting a growth of 61% YoY.

On the other hand, 3 companies posted negative growth in production in the same period. Eastern Coalfields Limited (ECL) reported the highest de-growth of 22.3% YoY. However, no information was provided about the performance of Northern Coalfields Limited (NEC).

Overall, the coal production went up by 3.9% YoY to 64.3 Mill Te as against 61.9 Mill Te in the corresponding period last year.

On the offtake front, there was a growth of 12% YoY during February. The offtake for 6 out of the 8 subsidiaries grew positively. The highest offtake growth was posted by Bharat Coking Coal Limited (BCCL). This subsidiary reported an offtake growth of 68.5% YoY to 2.9 Mill Te.

Established in 1975, CIL is the largest coal producing company across the globe. In Q3FY22, on a consolidated basis, the company’s top line grew by 19.73% YoY to Rs 25,990.97 crore, whereas the bottom line went up by 47.85% YoY to Rs 4,559.74 crore.

At 12.51 pm, the shares of Coal India Ltd were trading at Rs 182, which is an increase of 7.92% from the previous closing price of Rs 168.65 on BE.