Coal India - 4QFY2013 Result Review - Angel Broking

Coal India (CIL) results came in above our estimate on account of higher than expected sales volumes. Net sales grew by 2.5% yoy to Rs. 19,905cr (above our estimate of Rs. 18,918cr). Sales volumes stood at 130mn tonnes indicating company's focus on increasing off-take. EBITDA increased by 51.0% yoy to Rs. 6,600cr due to lower employee costs. Hence the adjusted net profit stood at Rs. 5,425cr (+34.5% yoy) above our estimate of Rs. 4,376cr.

We maintain Accumulate rating on the stock with a target price of Rs. 345

Source : Equity Bulls

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