
Result date: 31st January, 2023
Recommendation: Buy
Target price: Rs 275
Source: IIFL Research
Coal India recorded 15.8% growth in production to 479mt, during the nine months ending December 31, 2022; as compared to the year-ago period. Supply to power sector in this period grew 11% on a year-on-year basis to 432.7mt. Increase in average selling prices (higher e-auction premium), coupled with higher dispatches could lead to revenue growth of 24% for Coal India in the December 2022 quarter. Sequential numbers are not comparable considering the seasonality factor.
Despite increase in employee costs, the company could post 53% growth in EBITDA as compared to the year-ago quarter.
Profit After Tax or PAT could grow 62.8%, further aided by higher other income as compared to the year-ago quarter.
Important management insights to watch out for:
Rs. Crore | December 2022 estimates | YoY change | QoQ change |
Revenue | 35,335 | 24.3% | 18.5% |
EBITDA | 9,338 | 52.7% | 29.2% |
Profit After Tax | 7,800 | 62.8% | 22.8% |
Source: Brokerage reports
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