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4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Coal India    COALINDIA   INE522F01014

COAL INDIA (COALINDIA)
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Coal India : production hits 495mn tonnes YTD

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03/05/2018 | 09:44am CEST

Coal India Ltd (CIL) has announced that production for 11MFY18 stands at 495mn tonnes (1.4% rise yoy) against a production target of 531.3mn tonnes. Thus, the company has achieved 93% of targeted production (at consolidated level) for the period in question. Production for the month of February stood at 54.46mn tonnes, which missed the monthly production target of 61.4mn tonnes. CIL was given an ambitious production target of 600mn tonnes for FY18, an annual growth of 8.3% over FY17.

The missing of FY18 production target is one of the reasons behind a recent decision by the government to end CIL’s monopoly. Under the new policy, the government would allow the private sector to begin commercial coal mining. Due to CIL missing its production target, coal stocks at 46 thermal plants stand at critical levels (less than 7 days of supply). Given that thermal power generation accounted for ~78% of total power generated for 9MFY18, the coal shortage has economic implications for the domestic economy as well.

CIL holds a dominant market share in coal mining and produces 84% of the nation’s coal output. The production for the company stood at 543mn tonnes in FY17 against a target of 599mn tonnes (91% of target). The YTD offtake for CIL stands at 383.9mn tonnes against a production target of 406.6mn tonnes. The production target for FY18 stands at 630mn tonnes, an increase of 5% over last year’s target. The Working Group on Coal and Lignite has stated that they plan to expand production of CIL to 908mn tonnes by FY20.

We expect the company to report revenue CAGR of 6.9% over FY17-20E aided by (a) ~5% CAGR volume in steel production over FY17-21E, (b) ~5% CAGR volume growth in thermal power generation over FY17-20E. The stock is currently trading at 6.8x FY20E EV/EBITDA.

(c) 2018India Infoline Ltd. All rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( INR)
Sales 2019 954 B
EBIT 2019 190 B
Net income 2019 157 B
Finance 2019 214 B
Yield 2019 7,80%
P/E ratio 2019 10,57
P/E ratio 2020 9,95
EV / Sales 2019 1,54x
EV / Sales 2020 1,48x
Capitalization 1 680 B
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 340  INR
Spread / Average Target 27%
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Managers
NameTitle
Anil Kumar Jha Chairman & Managing Director
Chandan Kumar Dey Chief Financial Officer & Executive Director
Shekhar Saran Independent Director & Director-Technical
Binay Dayal Technical Director
Khanindra Pathak Independent Director
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