Decent Operational Performance Expected
All-India power demand rose by 5.3% YoY to 303bn units in 2QFY18 compared to 287bn units and 307bn units in 2QFY17 and 1QFY18, respectively led by 6.1% YoY rise in thermal generation. Coalbased generation grew at an improved pace of 6.1% YoY, while hydro generation dipped by 3.7% YoY to 45bn units.
All-India PLF of thermal sector stood at 57.6% in 2QFY18 vs. 54.4% in 2QFY17 due to improved system demand and higher coal supply. Growth in coal supply to power plants has been impressive in Sept’17, as the rake loading per day for power plants rose by 19% YoY during the month.
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Coal India (CIL) loaded 192.7 rakes/day in Sept’17 vs. 162 rakes/day in Sept’16. We expect improving industrial demand and financials of state-run power utilities to aid improvement in power demand
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