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ICICI Securities Report
Coal India Ltd. posted stable June 2024 performance figures. Key points:
Production was up 8.8% YoY while despatches rose by a mere 5.1% YoY.
In Q1 FY25, despatches to the power sector grew 4% YoY while offtake by the non-regulated sector jumped a sharp 16% YoY.
Rake availability during Q1 FY25 improved 10.3% YoY at 367.2/day.
Pit-head inventory at end-June 2024 was at 81.5 million tonne (up 40% YoY).
In our view, despatch to power plants was lower than expected owing to high stocks (45 million tonne); however, the elevated supply to NRS is likely to aid margins.
We retain our Add rating on Coal India at an unchanged target price of Rs 495 based on 7.5 times FY26E earnings per share.
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