Coal India misses production target for FY'15 by 3%

Coal India missed the production target for the financial year 2014-15 by 3% recording an output of 494.23 million tonnes.

The company's output target was 507 million tonnes for the fiscal, Coal India said in a filing to the BSE.

In the financial year 2013-2014, the company had clocked production of 462.53 million tonnes of coal.

Last month, the company produced 57.27 million tonnes of coal as against its target of 56.87 million tonnes.

While, off-take or actual lifting of coal by consumers for 2014-15 stood at 489.34 million tonnes, short by six per cent of the set target.

Last month, Coal India chairman and managing director S Bhattacharya had said: "We would be somewhere around 493 MT in the current fiscal."

"In the absence of access to resources", it may not be possible for CIL to achieve the target for the current fiscal, he had added.

"The environment clearance could not be operationalised at the state level," Bhattacharya said.

He had earlier said that ramping up output and improving profitability would be the top-most priorities for the company, although he admitted that the coal production target of 925 million tonnes by 2019-20 was a huge challenge.