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India Coal Industry 1H12
Emerging Markets Direct, July 2012, Pages: 39
India: Coal covers the sector overview, performance in terms of Indutry size and value, policy framework in terms of regulatory environment . It also covers presents the trends and outlook for the industry which include the overseas acquisitions of coal resources, fuel supply agreements, industry forecast and SWOT analysis of the industry leading players: Coal India Limited (CIL);(BSE; 533278; NSE:COALINDIA), Neyveli Lignite Corporation Limited (NLC) (BSE: 513683) (NSE: NEYVELILIG), Gujarat NRE Coke Limited (GNCL) (BSE: 512579) (NSE: GUJNRECOKE), Adani Enterprises Limited (AEL),(BSE: 512599) (NSE: ADANIENT).
Executive Summary
India’s GDP grew by 5.3% in the fourth quarter of fiscal year 2012, recording its worst performance in last nine years. This slowdown in growth was primarily a result of high inflation, high interest rates and policy paralysis. Indian mining industry also suffered a slowdown as index of industrial production for mining contracted by 2 percent YoY in FY12. However, Indian coal mining industry witnessed a growth in both production as well as sales. The annual production of coal grew by 1.3 percent to reach 539 million tons. The size of Indian coal industry was estimated at INR 800 billion by the end of fiscal year 2012. Ministry of Coal has planned to increase the coal production by an average of 36 million tons per annum in the 12th five year plan.
The proven coal resources in India were recorded at around 114 billion tons as on April 1, 2011. Despite the availability of vast coal assets, the country was a net importer of coal in FY12 due to domestic supply side constraints and burgeoning demand for coal. The demand supply gap estimated at 161.5 million tons at the end of fiscal year. Coal imports touched a figure of 99 million tons recording a YoY growth of around 43 percent. The government of India waived-off the customs duty on non-coking coal to ease the import of the same to meet domestic requirements.
In January 2012, Coal India Limited decided to increase prices and benchmark them according to Gross Calorific Value (GCV).The move, however, attracted a lot of opposition. Eventually, Coal India Limited had to roll back prices as a result of increasing pressure from power sector companies. The last quarter of the fiscal year also witnessed a controversy surrounding allocation of coal blocks to private and public sector companies without auction during the period 2004-09. The basis for this controversy was a report from Comptroller and Auditor General of India (CAG), which estimated a notional loss of INR10.6 trillion to the exchequer for not following a competitive bidding process in allocation of coal blocks. Central Bureau of Investigation entrusted with the responsibility of investigations in this case. Meanwhile, the Ministry of Coal allocated 81 coal blocks to power sector companies in May 2012 in pursuance of its policy to give preference to power sector. The Ministry also directed Coal India Limited to sign Fuel Supply Agreements (FSAs) covering total quantity of 438.29 million tons in May 2012 to thermal power plants.
In FY12, Coal India Limited continued to lead the industry by recording net sales of around INR 624 billion, a YOY growth of 24 percent. However, its total expenses increased by 26 percent during the same period due to increase in wage costs. The employee benefits expense of CIL spurted by 61.3 percent QoQ in fourth quarter after finalization of National Coal Wage Agreement (NCWA IX) on January 31, 2012. Neyveli Lignite Corporation recorded net sales growth of 13 percent and net profit growth of 9 percent YoY in FY12. Gujarat NRE Coke Limited registered a net loss of around INR 400 million in the fourth quarter due to foreign exchange losses. Adani Enterprises Limited also recorded a 26 percent decline in profits YoY in the fiscal year 2012.
1. Industrial Profile
1.1. Sector Overview
1.2. Sector Size
1.3. Competitive Landscape
1.4. Environmental Scanning
1.5. Recent developments in the industry
2. Market Trends and Outlook
2.1. Key Economic Indicators-India
2.2. Coal demand in India
2.3. Production of Coal
2.4. Coal Imports
2.5. Coal Pricing
2.6. Coal Blocks
2.7. Fuel Supply Agreements
2.8. Overseas Acquisitions
2.9. Wage Structure
2.10 Industry Forecast
3. Leading Players
3.1. Coal India Limited
3.2. Neyveli Lignite Corporation
3.3. Gujarat NRE Coke Limited
3.4. Adani Enterprises Limited
3.5. Comparative matrix
3.6. SWOT analysis of leading players
4. Tables
Table 1: Status of Coal Resources in India during Last Few Years
Table 2: Status of Coal Resources by Type
Table 3: Coal Public Sector Undertakings
Table 4: Functions & Responsibilities of Ministry of Coal
Table 5: Highlights of Resettlement & Rehabilitation Policy, 2012
Table 6: Coal Sector Reforms
Table 7: India-Key Economic Indicators
Table 8: Demand Supply Gap as per Ministry of Coal
Table 9: Estimated Gap in Demand & Supply of Coal
Table 10: Fuel Service Agreements of CIL and its Subsidiaries
Table 11: National Coal Wage Agreements
Table 12: Coal Production by CIL Subsidiaries
Table 13: NLC Mines
Table 14: GNCL Australian Mines
Table 15: Adani Mines
Table 16: Balance Sheet Parameters –Consolidated
Table 17: Valuation Matrix
Table 18: SWOT Analysis of Coal India Limited
Table 19: SWOT Analysis of Neyveli Lignite Corporation
Table 20: SWOT Analysis of Gujarat NRE Coke Limited
Table 21: SWOT Analysis of Adani Enterprises Limited
5. Charts:
Chart 1: Coal Resources by State- Gondwana Coalfields
Chart 2: Coal Resources by State- Tertiary Coalfields
Chart 3: Market Share of Leading Players-Indian Coal Industry
Chart 4: Position of Constituent Parties in Lower House of Parliament
Chart 5: Current Account Deficit as a Percentage of GDP
Chart 6: Quarterly GDP Growth Rate
Chart 7: Average Monthly USD to INR Exchange Rate
Chart 8: GDP by Sector
Chart 9: Change in Index of Industrial Production
Chart 10: IIP- Mining & Quarrying
Chart 11: Coal Production in India
Chart 12: Breakup of Coal Production by Companies
Chart 13: Coal Imports
Chart 14: Global Price of Thermal Coal
Chart 15: Forecast for Coal Production
Chart 16: Coal India Limited- Shareholding
Chart 17: Coal Production of CIL
Chart 18: Total Number of Employees-CIL
Chart 19: Consolidated Financial Performance of CIL-Annual
Chart 20: Consolidated Financial Performance of CIL-Quarterly
Chart 21: Neyveli Lignite Corporation Limited- Shareholding
Chart 22: Annual Lignite Production- NLC
Chart 23: Consolidated Financial Performance of NLC-Annual
Chart 24: GNCL- Shareholding
Chart 25: Annual Metallurgical Coke Production-GNCL
Chart 26: Consolidated Financial Performance of GNCL-Annual
Chart 27: Adani Enterprises Limited- Shareholding
Chart 28: Annual Coal Imports by AEL
Chart 29: Consolidated Financial Performance of AEL-Annual
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