CIL misses FY 18 production target by 5%

Kolkata, April 1 (IANS) State-run Coal India Ltd (CIL) on Sunday reported that it has missed the production target for 2017-18 (FY 18) by five per cent but it achieved a 2.4 per cent growth in the fuel production over last year.

CIL also said it has been working out the modalities to raise coal sales bills on gross calorific value basis and would implement the same soon.

However, in terms of production, it produced 72.28 million tonnes (mt) of coal in March, exceeding its target of 68.68 mt for the month.

According to its provisional data, CIL produced 567.37 mt in FY 18, achieving 95 per cent of its target of 600 mt for the year. However, it achieved a 2.4 per cent growth in production as compared to 554.13 mt produced in 2016-17 (FY17).

Off-take during FY 18 stood at 580.28 mt, also missing the target of 600 mt by three per cent.

It, however, achieved a 6.8 per cent growth in off-take during the FY 18 as against 543.16 mt off-take reported in the previous year.

CIL also said it sold 55.19 mt of coal during March 2018 as against a target of 58.41 mt.

CIL Chairman Gopal Singh had said the company would end the year with around 54 mt of stock and was hopeful to meet the fuel requirement during the current fiscal (2018-19).

In a regulatory filing on Sunday, the CIL said: "..this is to intimate that CIL is working out the modalities to raise coal sales bills on GCV(Kcal/kg) basis and the exact date of implementation would be intimated soon. Till then, the present mode of raising of coal sales bills would continue."

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