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Grade reset to dent Coal India's FSA realisation: Jefferies

The recent grade downgrades at Coal India's mines could hit its realisation from fuel supply agreement (FSA) by 3-5 per cent and estimated earnings for the current fiscal year by 11-16 per cent, according to a note released on Wednesday by research analyst firm Jefferies India. "We believe recent grade downgrades at CIL's (Coal India Ltd) mines could hit FSA realisation by 3-5 per cent and FY18 (2017-18) estimated earnings by 11-16 per cent," the note said. According to the note, part of the impact has already been reflected in earnings of 2016-17.


The fuel quality watchdog Coal Controller's Organisation downgraded 40.76 per cent of 871 sidings at 386 mines of Coal India and in most cases, downgrading has been of one to two grades, the miner said. "Our review of mine wise grade changes at key subsidiaries- South Eastern Coalfields Ltd (SECL), Mahanadi Coalfields Ltd (MCL), Eastern Coalfields Ltd (ECL) and Bharat Coking Coal Ltd (BCCL) - suggest grade reset at these subsidiaries could hit CIL's FSA realisation by 3.2 percent.

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