Coal India’s average loading of rakes rises 7 per cent in Q2
Coal India Ltd (CIL) on Monday said its average loading of rakes per day went up to 208.8 in the second quarter of the current fiscal – up by 7 per cent from 195.2 rakes per day on a same quarter comparison of last year.
“Constant coordination and synergising the efforts with Railways, with the help of the Ministry of Coal, witnessed the average wagon loading tweaking up to a growth of 7 per cent during July-September 2017. During current year’s Q2 (second quarter), CIL’s average loading of rakes per day went up to 208.8 against 195.2 rakes per day on a same quarter comparison of last year. The increase in absolute terms during the period was a strong 13.6 rakes per day,” the miner said in a statement.
Overall coal off-take to consumers at 131.58 million tonnes during July-September 2017 was up by 15.71 million tonnes in absolute terms compared to 115.87 million tonnes during the same quarter last fiscal registering a growth of 13.6 per cent.
According to CIL, coal supplies to thermal power stations of the country increased by 12.53 million tonnes, during the second quarter of the current fiscal compared to same quarter last year. “During July-September 2017, CIL supplied 104.34 million tonnes of coal to the power stations against 91.81 million tonnes on a like-to-like quarter last year, registering a growth of 13.6 per cent,” it said.
As the country reeled under energy crunch, in August 2017, with growth in hydro, nuclear and others sources plunging down by 12 per cent, 36 per cent and 7 per cent, respectively, the demand for electricity from thermal power plants (TPPs) went up substantially, necessitating higher coal requirement, a CIL official said.
Under coordination and close monitoring from Ministry of Coal, CIL stepped in with alacrity increasing coal supply to power sector. During the months of August and September coal supplies to power plants, by CIL, grew by 20 per cent and 21 per cent, respectively, compared to same months last year. The trend was sustained in October 2017 as well with 18 per cent growth,” the company said.
During the July-September period of the present financial year, the miner produced 113.04 million tonnes of coal registering a growth of 8.3 per cent on a quarter-on-quarter comparison. Coal production during the same quarter last year was 104.37 million tonnes.
The miner reported close to 40 per cent fall in its consolidated net profit to Rs 368.88 crore in the quarter ended September 30, 2017 as compared to Rs 612.44 crore in the corresponding quarter last fiscal.
Its net revenue from operations for the quarter stood at Rs 18,148.31 crore — up 4.19 per cent from Rs 17,418.43 crore in the year-ago period. The miner also reported that its average realisation from the sale of coal through fuel supply agreement in September quarter was at Rs 1,224 per tonne and e-auction sales volume during the quarter was 23.28 million tonnes at an average realisation of Rs 1,614 per tonne.
Employee benefit expenses during the quarter were at Rs 9,154.96 crore compared with Rs 8,403.90 crore in the corresponding period of the previous year. The expenses include an estimated provision of Rs 2,300.87 crore towards salary and wages of the non-executive employees on account of the pending implementation of the National Coal Wage Agreement-X, which was subsequently finalised on October 10, 2017. The expenses also include an ad-hoc provision of Rs 95.14 crore towards the salary and wages of executive employees.