During the first quarter of the fiscal year 2023-24, Coal India Ltd, the world's largest coal producer, recorded a coal production of 175.5 million tonnes (MT), marking a growth of nearly 10% compared to the same period last year. This production level is the highest ever achieved by the company in the first quarter of any year. In June alone, the company's production increased by 12.4% to 58 MT, compared to 51.6 MT in the previous year.

While the production could have been even higher, heavy rainfall in the last week of June across the mining areas affected output, according to a senior executive of Coal India. Subsidiaries of Coal India, including Bharat Coking Coal Ltd, South-Eastern Coalfields, Eastern Coalfields, Western Coalfields, and Central Coalfields, experienced double-digit production growth during the quarter.

During the April-June quarter, Coal India's coal offtake (supply) grew by 5.3% to 187 MT, compared to 177.5 MT in the same period last year. In June, the offtake reached 61 MT, representing a growth of 3.6% compared to 58.9 MT in the previous year.

The newly appointed Chairman of Coal India, PM Prasad, who assumed the role on July 1, emphasized that achieving the target of 780 MT output for the fiscal year 2023-24 is a priority for the company.

Coal India also reported a significant growth of around 30% in overburden removal (OB) during the April-June 2023 period, with a total excavation of 497.5 million cubic meters (M.CuM).

In the current fiscal year, non-power sector consumers received higher quantities of coal, with a robust growth of 34% at the end of the first quarter, reaching 33.4 MT, as stated by the company in an exchange filing.

Coal India's share price has witnessed a surge of over 26% in the past year. At 10:50 am, the shares were trading 0.50% higher at ₹232.00 apiece on the BSE (Bombay Stock Exchange).