Coal India Ltd.’s shipments touched a four-year low in the 12 months through March, after the pandemic crushed demand for the commodity.
The state-run miner sold 573.8 million tons of coal during the period, 1.3% less than a year earlier, according to a filing on Thursday. That reflects lower consumption as lockdowns brought industrial activity to a standstill. Inventories at power plants then expanded, weighing on Coal India’s sales.
With the company’s own inventories also at unsustainable levels, production declined as well as shipments, falling 1% to a three-year low of 596.2 million tons. The company accumulated a record 99 million tons of the fuel at its mines, it said in a separate statement.
