Coal India Ltd (CIL) has missed its first quarter production target of the current fiscal year by 6.78 million tonnes (MT) and the offtake target by 16.69 MT, according to provisional data released by the company on Friday.
The miner produced 125.65 MT of coal in the April-June quarter of the current fiscal year against a target of 132.43 MT, achieving 95 per cent of the production target set for the quarter. However, its production grew by 3.5 per cent in the period as compared to 121.33 MT produced in the corresponding period last year.
CIL’s offtake stood at 133.19 MT in the quarter ended June against a target of 149.88 MT. Its offtake grew by only 2.9 per cent in the quarter as compared to an offtake of 129.48 MT in the corresponding period a year ago.
Production in June stood at 42.72 MT while its offtake for the month was at 44.96 MT.
The miner set a target of 598.60 MT of production in the current fiscal year. For FY17, the offtake target of the company was set at 598.61 MT, out of which, 450 MT will be supplied to power sector utilities.
In the last fiscal year, the miner had produced 536.51 MT of coal as against a target of 550 MT and its offtake was at 532.26 MT.