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ICICI Securities Report
Coal India Ltd. has subsumed rapid loading charges (Rs 29/tonne) with evacuation charges (Rs 50/tonne) and hiked both to a standard rate of Rs 60/tonne with-effect-from August 01, 2021.
This hike will result in an increment of more than Rs 8.5 billion per annum in earnings.
While we increase our earnings per share estimates for both FY22E/FY23E, incorporating the increased charges, we reduce our offtake volume estimates by 5 million tonne for each year, due to heavy rains in the eastern part of India.
In four months FY22, production/offtake at 166.6 million tonne/210.8 million tonne was up 5.2%/28.4% YoY.
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