Coal India Ltd. fell marginally short of its production target for financial year 2024, it said in an exchange filing.

Overall production for the full financial year 2024 grew 10% from last year to 773.6 MT. Coal India had set a production target of 780 MT tonnes for the financial year.

In February this year, Coal India Chairman PM Prasad had warned that the company may fall short of its production target by 10 MT.

However, what had spooked the street was the drastic drop in e-auction premiums.

For the month of March, the company’s production grew by 6.1% to 88.6 MT. Eastern Coalfields reported a 52% growth in production in March, while Central and Northern Coalfields saw production grow by 11.9% and 11.6% each.

Offtake for the month of March also increased to 68.8 MT, a growth of 7.2% year-on-year. On a year-on-year basis, Coal India’s offtake grew by 8.5% from last year to 753.5 MT.

Eastern Coalfields saw the highest increase in offtake as well, rising 39% from last year.

Brokerage firm Nuvama was working with a financial year 2024 production estimate of 764 MT, which was already below the company’s earlier guidance.

Shares of Coal India are trading 1.9% higher at ₹442.20. The stock has doubled in the last 12 months.