Coal India's FY24 sales, production growth better than ICICI Securities' estimates, says brokerage

ICICI Securities

02/04/2024 09:11

** Shares of Coal India  COAL.NS  down 0.2% at 441 rupees
    ** ICICI Securities says COAL's FY24 operating performance
is better than brokerage's expectations; sales, production
volumes growth slightly ahead of estimates
    ** Co says it aims for FY25 production, sales volume target
of 838mt each, suggesting Y/Y growth of 8.3% and 11.2%,
respectively, vs brokerage's estimates of 820mt and 811mt for
production and sales volume, respectively
    ** Brokerage retains "add" on COAL, TP unchanged at 500
rupees
    ** Last week, Emkay Global said it expects COAL to benefit
from continued demand, adding India's large population makes it
unfeasible to phase out coal for the next decade at least
    ** Analysts' avg rating is "buy" median PT is 470 rupees -
LSEG
    ** Stock up 17.3% YTD, outperforming 3.2% rise in Nifty 50
index  .NSEI  

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))