Coal India – Another Excellent Quarter Of Operations: ICICI Securities

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Coal India Ltd. continues to clock strong operational numbers, buoyed by high domestic coal demand and continued elevated international coal prices.

In Q1 FY23, production / offtake was 159.8 million tonne / 177.6 mnte, up 28.9%/10.7% YoY, respectively. Production has increased by a record 35.8 mnte YoY in Q1 FY23, higher than the YoY increase in the entire FY22 (26.4 mnte).

With this strong performance, growth rate now required to reach 700 mnte of production in FY23 reduces to 8.3% for the remaining period in FY23 from 12.4% required at the start of the year.


Coal India supplied 153.2 mnte of coal to the power sector, comprising 86.3% of the total offtake, which is higher than the supplies in FY22 (81.6%).

Boosted by this, while fuel supply agreement volumes remain strong, e-auction volumes booked are tepid at 6 mnte for April-May 2022 which we expect to pick up in H2 CY22.

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