Motilal Oswal: Coal India - Volumes Rise As Power Demand Recovers; Valuations Looks Attractive
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Motilal Oswal Report
Coal India Ltd. reported an 8% YoY increase in dispatches at 51.3 million tonne for November. This marked the fourth straight month of YoY growth highlighted by continued recovery in power demand.
As per initial data from Power System Operation Corporation Ltd., India’s power demand and coal-based generation have risen 3.5% and 5.2% YoY respectively.
Year-to-date FY21, Coal India’s off-take is now down just approximately 2% YoY (H1 FY21: down 8% YoY).
With continued recovery in power demand, we conservatively raise our FY21 off-take estimates to 580 million tonne (flat YoY) versus 565 million tonne earlier (down 3% YoY).
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