Coal India expected to record 773.7 MT output in FY'24

It is anticipated that Coal India will report a production figure of approximately 773.7 million tonne (MT) for the fiscal year 2023-24, representing a nearly 10 percent increase compared to the previous year. However, they suggested that this would fall short of the target of 780 million tonne. They further mentioned that coal offtake is expected to be around 753 million tonne, which is approximately 90 percent of the target of 780 million tonne. It was stated that the miner would announce its production and offtake numbers. It was noted that the company's dry fuel supplies to thermal power plants had exceeded the target for this sector, reaching the 610.8-million tonne mark on Wednesday. During a recent investor concall, Coal India Chairman P M Prasad indicated a projected shortfall due to some land-related production hurdles in South Eastern Coalfields. It was mentioned that all other subsidiaries, however, had exceeded their targets. It was highlighted that the largest coal producer in the world achieved its highest-ever production of 703.2 MT in the fiscal year 2022-23. The sources indicated that the target for the next fiscal year had been set at 838 MT. Projections suggested that coal demand is expected to increase from 1,180 million tonnes in 2023-24 to 1,464 million tonnes in 2029-30.