The rating agency also sees thermal coal imports crossing 200 mt in FY20.
CIL registered a year-on-year (Y-o-Y) production de-growth of 23.5 percent in September as operations were impacted by flooding of key mines due to heavy rains and labour issues.
In the first half of the current fiscal, the central miner’s coal production witnessed a de-growth of 6 percent on year against healthy production growth of 7 percent achieved in FY19.
“In order to achieve the targeted an annual coal production or come anywhere close to the annual guidance of 660 mt and, given the first half slippages, CIL would have to step-up to an average run-rate of 2.3 mt coal production per day for the rest of the year. This looks an unlikely task, given that in recent times the central miner has been able to briefly sustain at the 2 mt/day average coal production rate only in the months of March 2018 and March 2019,” ICRA said.
Consequently, fully recovering the lost ground during the second half would be extremely challenging, it said.
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“Growing Infrastrcuture is a big opportunity for OTR Tires in India”
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