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Axis Securities Report
Coal India Ltd. is the largest coal producer in the world and accounts for ~80% of the domestic coal production in FY22. It has strategic importance in meeting India's energy requirement as ~51% (as of May 2022) of the country’s power generation capacity is derived from coal-based thermal power plants.
Coal India’s coal production grew by 4% YoY in FY22 to 623 million tonne, while dispatch rose by 15% YoY to 662 million tonne. The said growth was driven by the robust power demand (April-May 2022 coal production was up 29% YoY at 108.2 million tonne and dispatch stood up 9% YoY at 118.7 million tonne).
The company has a production and dispatch target of 700 million tonne for FY23 (our estimate: 690 million tonne). We believe the healthy volume growth outlook coupled with robust prices will drive Coal India’s profitability in FY23/24E.
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