Coal India's production continued to remain weak, with the February output reaching 42.56 million tonne, much lower than target of 45.41 million tonnes. The reported fall in coal production saw the company missed its target of 6%.
With this, the state-run miner's production since the beginning of the current financial year stands at 409.13 million tonnes against a target of 429.29 million tonnes set for the 11 months period, lower by 5%.
However, on a positive note, it got fast-track clearances for nine mining projects during the two months of the current quarter.
In January it had mined 47.38 million tonnes against a target of 49.44 million tonnes.
In 2012-13 Coal India achieved a production of 452.20 million tonnes and to achieve the previous year's level, it needs to increase the output by 44 million tonnes in March, a target the company might scrape through considering its performance during recent months.
For 2013-14, Coal India has set the target to produce 482 million tonnes, but the recent bouts of setbacks resulted in its chairman Narsing Rao reportedly scaling down its target by 8-10 million tonnes.
But now even the reduced target appears unachievable, analysts said.
In anticipation of an equally subdued performance next year, Coal India has cut its target for FY15 by 23 million tonnes to 507 million tonnes.
In terms of offtake or sales, considered to be a better indicator of performance, the mining behemoth hasn't fared well either.
For the period till February, coal offtake has touched 426.44 million tonne against a target of 444.20 million tonne, a shortfall of 4%.
However, amidst falling production, there are some positive news the company could benefit over the long term.
In January and February Coal India has received environment clearances for about nine projects, which will help boost its production in the next financial year, officials said.
These projects are: Jampali, Gevra and Kusmunda opencast expansion projects of South Eastern Coalfields; Manuguru open cast mine expansion of South Central Coalfields; Kathara open cast of Central Coalfields; raising output of Bhubaneshwari opencast of Mahanadi Coalfields; and expansion of Western Coalfields' Juna Kunada open cast, Bhakra underground, Chhinda open cast, and Ukni deep opencast.
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