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Power 20:20 | August 2015

Highest growth (conventional fuel) company in the last year (public company - coal) - Coal India Limited (CIL)

Incorporated in 1973, Coal India Ltd (CIL) is a ´Maharatna´ company under the Ministry of Coal (MoC), Government of India (GoI), and is the single largest coal producing company in the world with reserves of 65 billion tonne.

CIL accounts for ~80 per cent of India's overall coal production and commands ~74 per cent of the Indian coal market. The company produced 494 mt and dispatched 489 mt of raw coal in FY2015. At the end of FY2014, CIL had 429 mines (237 underground, 166 open-cast and 26 mixed mines) and 17 coal washeries (13 coking coal and 4 non-coking coal).

Strong production growth
CIL´s production increased ~7 per cent Y-o-Y
in FY2015 to 494 mt, as against a muted growth of 2.3 per cent in FY2014. Off-take growth also picked up to 3.8 per cent Y-o-Y in FY2015, as against 1.4 per cent in FY2014. According to the MoC, with rising demand for power, demand for coal is estimated to increase to 1.6 billion tonne by FY2020. CIL has already finalised plans to achieve the targeted production of 925 mt by FY2020 and is planning to increase production to 1 billion tonne. The target production implies a ~13 per cent CAGR growth in production over FY2015-20.

Rail evacuation projects
On the evacuation infrastructure front, the land acquisition scenario has improved in the past one year (for instance, land availability for Tori-Shivpuri section has increased from nil to over ~50 per cent). MoC remains confident of completing the Jharsuguda-Barpalli line by June-2016, and Tori-Shivpuri and Bhupdeopur-Baround lines by FY17-end.

E-auction volumes
CIL reported a 10.3 per cent increase in e-auction volumes at 13.9 mt, which is 15 per cent higher than the estimated 12.1 mt. Realisation per tonne was marginally below expectation at Rs 2,387 (3 per cent below estimated Rs 2,464). FSA realisation per tonne came in much ahead of expectations at Rs 1,408, Vs estimate of Rs 1,300, led by higher FSA realisation. Blended realization per tonne came in at 2.9 per cent, ahead of estimate at Rs 1,542.

Commercial mining policy framework
MoC is also working on creating a parallel framework for commercial mining and 72 mines (from Schedule I) with total capacity of 269 MTPA (fully-explored reserves of 13.46 billion tonne) have been identified for the purpose.

Positives of 2014-15

  • Eastern Coalfields Limited came out of BIFR.
  • Bharat Coking Coal Ltd was conferred Miniratna status.
  • Three new opencast mines Magadh and Konar in Central Coalfields Ltd, Makardhokra 1, Bhanegaon and Panganga in Western Coalfields Ltd, and Jampali in South Eastern Coalfields Ltd went operational.
  • Has set aside a whopping `235 crore fund, 50% of the company´s total SR war chest of Rs.470 crore budgeted for FY2014-15, for providing hygieni sanitation in schools and in households of underprivileged by constructing individual toilet facilities.

Parameter Details
Company Coal India Limited
Ownership Public Limited
Public Limited Coal mining
Founded 1973
Headquarters Kolkata, India
Products Coal
Revenue NA
Net Income Rs. 13,727 cr (2014-15)
Employees NA

Key financial parameters FY 2014-15 FY 2013-14
Income Rs. 13,727 cr Rs. 15,112 cr
Expenditure Rs. 56,785 cr Rs. 52,847 cr
Operating profit NA NA
Interest Rs. 7 cr Rs. 58 cr
Depreciation Rs. 2,320 cr Rs. 1,996 cr
PAT Rs. 13,727 cr Rs. 15,112 cr
EPS Rs. 21.7 Rs. 23.9
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