Coal India - Q4FY20 First Cut - ICICI Securities

(CMP: Rs. 142; MCap: Rs. 88114 crore)

Coal India (CIL) reported mixed set of numbers for Q4FY20, wherein EBITDA came in higher than our estimate, while reported PAT came in lower than our estimate. PAT came in lower than our estimate on the back of higher than expected effective tax rate.

Q4FY20 Earnings Summary

- CIL reported sales volumes of 164 million tonne (MT), flattish on a YoY basis. FSA sales volume was at 139.2 MT (142.4 MT in Q4FY19) while FSA realisation during the quarter was at Rs. 1446/tonne (Rs. 1460/tonne in Q4FY19). E-auction volumes were at 21.0 MT (16.7 MT in Q4FY19) while e-auction realisations were at Rs. 2106/tonne (Rs. 2754/tonne in Q4FY19)

- The company reported a total operating income of Rs. 27568.2 crore (down 1.9% YoY), broadly in line with our estimate of Rs. 28001.7 crore

- EBITDA came in at Rs. 6728.9 crore (down 21.9% YoY), higher than our estimate of Rs. 6416.9 crore

- EBITDA margin came in at 24.4% (down 440 bps YoY), higher than our estimate of 22.9%. Reported EBITDA per tonne was at Rs. 410/tonne, higher than our estimate of Rs. 391/tonne

- Effective tax rate for the quarter stood at 37.9%, higher than our estimate of 25.2%. Hence the ensuing PAT stood at Rs. 4625.8 crore (down 16.2% YoY), lower than our estimate of 5351.6 crore

We would be coming out with a detailed report post the conference call.

Shares of COAL INDIA LTD. was last trading in BSE at Rs.141.95 as compared to the previous close of Rs. 140.8. The total number of shares traded during the day was 664527 in over 6496 trades.

The stock hit an intraday high of Rs. 143 and intraday low of 139.6. The net turnover during the day was Rs. 94362319.

Source : Equity Bulls

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