Coal India misses production target by 7%

0
352
Kolkata, March 1 :Coal India Ltd (CIL) on Thursday reported 495.09 million tonnes (MT) of production in April-February in the current fiscal, but missed the target by nearly seven per cent.

CIL, with a target to produce 531.32 MT during eleven months, clocked a 1.4 per cent growth in production from 488.06 MT in the same period of 2016-17, its provisional data showed.

However, the state-run miner achieved a seven per cent growth in off-take to 525.09 MT during April-February of 2017-18 as against a target of 541.60 MT for the period.

The miner had an off-take of 490.86 MT during the same period in the previous financial year (2016-17).

CIL’s production for February (2018) was 54.46 MT, missing the target of 61.43 MT for the month by 11 per cent.

Its off-take for last month stood at 49.97 MT, also missing the month’s target of 52.14 MT by four per cent.

Coal India Chairman Gopal Singh had said the company was “pushing hard” to meet the 600 mt production target for the fiscal 2017-18 and the one billion tonne production mark for 2019-20.

The miner also aimed to touch an off-take of 600 MT in 2017-18.

As per the Annual Plan proposal for 2018-19, the production target of the miner has been kept at 630 MT with five per cent growth over the target of 2017-18.

CIL envisaged production of 908.10 million tonnes in 2019-20 with a Compound Annual Growth Rate of 12.98 per cent, with respect to 2014-15.