ICICI Direct's research report on Coal India
Coal India (CIL) is one of the largest coal producers in the world. In FY22, CIL produced 623 million tonnes (MT) while offtake was at 662 MT. CIL has 345 mines (as on April 1, 2021) of which 151 are underground, 172 opaen cast and 22 mixed mines • CIL has extensive mining capabilities. It possesses advanced technology in open cast mining.
Outlook
Coal India reported healthy growth in volume for FY23 wherein it slightly bettered its production volume guidance of 700 MT. Going forward, we expect healthy traction in volumes to continue. Hence, we upgrade the stock from HOLD to BUY. We value CIL at Rs 260, 4.5x FY24E EV/EBITDA.
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