Coal India - Rating: Buy; Target Price: Rs330 - Centrum

- We expect revenue to be lower by 2.5% YoY on the back of muted sales volumes of ~117 MT, down by ~3% YoY. Blended realizations are expected to move up by 2.2% QoQ driven by better coal mix (H1 realizations were muted despite price hikes due to low quality inventory sales). CIL achieved lower than targeted volumes in Oct-Nov due to extended monsoons and cyclone Phiallin hitting production.

- EBITDA is expected to be lower by ~6% YoY at ~Rs40.1bn on account of lower volumes. Margin is expected at ~23.8%, down 98bps YoY.

- PAT is expected to be at Rs38.1bn, down by ~13% YoY.

Source : Equity Bulls

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