Coking coal requirements are still not being met by India

20 February 2017

S Bhattacharya, CMD, Coal India on Friday said that coking coal requirements are still not being met by India. Speaking with ET Now he said, “We ended the year with sufficient coal stocks with company, power plants. Coking coal is exclusively available in Jharkhand”. He further said that Coal India is looking at how coal can be converted into chemicals, clean coal usgae. He also said that e-auction is the most transparent way to access coal.

Earlier this month CIL reported a 22 per cent decline in consolidated net profit at Rs 2,884.4 crore for the third quarter ended December 31. Net profit came in at Rs 3,718 crore in the same quarter of the previous fiscal, Coal India (CIL) said in a regulatory filing. However, the company’s total income rose to Rs 21,531.2 crore in the quarter under review from Rs 20,928.4 crore in the same period a year ago.

Net sales during the reporting quarter rose to Rs 19,704 crore compared to Rs 18,971.5 crore in the same quarter last fiscal. At the same time, total expenses also increased to Rs 17,260 crore as compared Rs 15,407.5 crore. On a standalone basis, the company has posted a loss of Rs 39 crore as compared to a profit of Rs 672.6 crore in the same period a year ago. The total income declined to Rs 257.1 crore in the quarter under review from Rs 880 crore in the same period last fiscal.

Meanwhile CIL also reported that its production grew by 5.5 per cent to 55.99 million tonnes (mt) in January as compared to 52.86 mt in the corresponding month last fiscal, but the production during April 2016 to January 2017 remained flat. According to provisional data, the production stood at 433.76 mt, up by a meagre 1.7 per cent during the first ten months of the current fiscal (2016-17). It achieved 91 per cent of the target which was set at 478.57 mt for the period.

Source – FE