Daily wage laborers shovel coal into baskets at a limestone quarry in Lower Cherrapunji in Meghalaya, India (Photographer: Sanjit Das/Bloomberg)

Coal India’s Shipments Fall First Time In Two Years

Coal India Ltd.’s shipment fell for the first time in two years in December because of operational issues at its largest subsidiary.

Shipments of the state-run miner dropped 1.3 percent on a yearly basis—the first time since October 2016—to 52.8 million tonnes, according to its exchange filings. Coal India’s output also dropped 0.9 percent year-on-year to 54.1 million tonnes. The decline in production comes after 17 months.

Coal India’s Shipments Fall First Time In Two Years

Still, Edelweiss said this is a one-off and expects its subsidiary South Eastern Coalfields Ltd. to contribute to production and offtake as operational issues wane away.

Kotak Securities said lower volumes in November and December dragged the growth in the third quarter. The brokerage cut its earnings estimates for financial years through March 2019-March 2021 because of a moderate growth in volumes and loss of e-auction sales.