Coal India’s Sales Falls To Four-Year Low
Coal India Ltd.’s sales fell to the lowest in four years as the Covid-19 pandemic hurt demand from power producers—its largest customer.
Offtake—or sales—of the world’s largest miner of the solid fuel fell 1.3% year-on-year to 573.8 million tonnes in the year ended March 2021, according to the company’s filings. That’s also the second straight year of sales decline.
The difference between Coal India’s offtake and target—at -11.7 %—is the highest in at least thirteen years. The FY21 target was initially set at 710 million tonnes, which was later revised downward to 650 million tonnes.
Production fell by less than a percent over a year ago to 596.2 million tonnes, but was nearly 8% lower than the annual target.