NEW DELHI: State-owned Coal India Limited (CIL) is targeting 50 million tonne sales through the e-auction route in the second half of the current financial year, said the company’s Chairman Pramod Agrawal on Wednesday.
While speaking at Global Summit 2022, Agrawal said Coal India is investing heavily in first-mile connectivity and mechanised evacuation. “In the next three-four years, most of the evacuation exercise will be mechanised,” said Agrawal.
The miner had sold nearly 30 million tonnes of coal through e-auction in the first six months of the financial year 2022-23.
The company’s e-auction sales were at 108 million tonnes in 2021-22. In the second quarter of the current financial year, the company sold 10.36 million tonnes of coal via e-auction, and the average realisation was Rs 6,061 per tonne.
The PSU sold 141 million tonnes of dry fuel through the supply agreement in the three months that ended on September 30, 2022, with an average realisation of Rs 1,413 per tonne. Agarwal also stressed that the mining sector will be critical for Indian growth.
Meanwhile, the company’s net profit was up nearly 144% year-on-year to Rs 14,878 crore. The company’s profit rose due to a spike in the prices of coal sold through the e-auction route.