Power Sector Q3 Earnings Preview: On Path To Recovery, Says ICICI Securities
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ICICI Securities Report
Power demand continued its recovery in Q3 FY21 resulting in further improvement in thermal plant load factors and subsequently higher coal offtake.
Conventional generation during nine months-FY21 was lower by only 4.7% YoY (versus down 8.7% YoY in H1 FY21) and thermal PLFs improved approximately 200 basis points from H1 FY21 to 51.5%.
Peak all-India demand touched an all-time high of 182.9 gigawatts on December 30, 2020, indicating a spectacular post-Covid-19 recovery.
Coal India Ltd.’s offtake continued to recover (nine months-FY21 offtake is lower by only 2% YoY).
Demand, billing and collection normalised to pre-Covid-19 levels (or higher) for most discoms.
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