Thermal power tariffs likely to rise 9 paise per unit

Kenny Tucker
January 12, 2018

Coal India rose 6.1 percent to 305.10 rupees as of 12:33 Mumbai, its biggest intraday increase since November 2016. The projected annual incremental revenue would be Rs 6421 crore.

Investors thronged the Coal India counter today after the the company announced a revision in Non-Coking coal prices with effect from 9 January 2018.

Due to this revision, CIL will earn approx. incremental revenue of Rs 1956 crore for the balance period of FY 2017-18.

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Coal India Ltd. key Products/Revenue Segments include Coal which contributed Rs 306.40 Crore to Sales Value (98.46 % of Total Sales) and Other Operating Revenue which contributed Rs 4.78 Crore to Sales Value (1.53 % of Total Sales) for the year ending 31-Mar-2017.

Equinomics continues to recommend a HOLD on the stock with a revised target price of Rs 330 per share.

CIL's shares on Tuesday jumped 5.63% to Rs304.05 each on BSE in a flat market. In a statement issued on Wednesday, CIL said coal will be priced according to the heating property of each Kg of the fuel - referred as per unit of calorific value of coal, or Kcal/Kg, in industry parlance - instead of a band-based pricing followed till now. That resulted in the company posting an additional revenue of Rs 3234 crore in financial year 2016-17. The price of high grade coal has been reduced by 1-5%, whereas prices of nine grades have been increased by 3-22%, officials said. This along with the levy of evacuation charges of Rs 50 per metric tonne is estimated to increase the cost of generation for coal-based power plants by about 13-15 paise/unit, as per ICRA Ratings estimates. "In turn, assuming the average AT&C loss level at around 23% in the country, we estimate the impact on the cost of power supply per unit sold and retail tariffs (assuming full pass through by state regulators) at around 11 paise per unit or about 2% tariff hike".

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