BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
We hosted Coal India Ltd.’s Q1 FY23 post result conference call. Following are the key takeaways:
Coal India is facing pressure to increase its production on the back of demand increase and reduction in generation by imported coal-based plants. Further, captive power plants have also stopped importing coal and generating power and such industries are now procuring power from the grid. This may result in an increase in the e-auction prices. The company has maintained its 700 million tonne production target for FY23.
In Q1 FY23, e-auction realisation was Rs 4,340/tonne with sale of 20.9 million tonne of volumes. The management expects e-auction volume trend of 20-25 million tonne per quarter to continue and end FY23 with 80-90 million tonne.
Further, current e-auction price of ~Rs 4,500/tonne (more than 300% premium on fuel supply agreement) is also likely to continue at similar levels over FY23.
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