Coal India - Q4FY21 First Cut - ICICI Direct

(CMP - Rs. 159; MCap- Rs. 98884 crore)

Coal India's (CIL's) Q4FY21 performance came in better than our estimate on all front. Better than expected realisations for both FSA as well as e-auction segment aided Q4FY21 performance.

Q4FY21 Earnings Summary

For Q4FY21, CIL reported sales volume of 165 million tonnes (MT), up 1% YoY and 7% QoQ (Our estimate 164 MT). FSA sales volume for Q4FY21 stood at 133 MT (down 4% YoY, however up 8% QoQ). E-auction sales volume for Q4FY21 stood at 29 MT (up 38% YoY and 7% QoQ). FSA realisations for Q4FY21 stood at Rs. 1392/tonne (down 4% YoY, however up 3% QoQ), higher than our estimate of Rs. 1335/tonne. E-auction realisations for Q4FY21 stood at Rs. 1752/tonne (down 17% YoY, however up 20% QoQ), higher than our estimate of Rs. 1625/tonne

For Q4FY21, CIL's consolidated revenue from operations stood at Rs. 26700 crore (down 3% YoY, however up 13% QoQ), higher than our estimate of Rs. 25646 crore

Consolidated EBITDA for the quarter stood at Rs. 6382 crore (flattish YoY, up 24% QoQ), higher than our estimate of Rs. 5745 crore. Consolidated EBITDA margin for Q4FY21 stood at 23.9% as compared to 23.2% in Q4FY20 and 21.8% in Q3FY21. EBITDA/tonne for Q4FY21 stood at Rs. 387/tonne, higher than our estimate of Rs. 350/tonne (EBITDA/tonne of Rs. 390/tonne in Q4FY20 and Rs. 335/tonne in Q3FY21)

Ensuing consolidated PAT for Q4FY21 stood at Rs. 4589 crore (down 1% YoY, however up 49% QoQ), higher than our estimate of Rs. 3943 crore

The company has declared a final dividend of Rs. 3.5/share

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

Shares of COAL INDIA LTD. was last trading in BSE at Rs.159.3 as compared to the previous close of Rs. 162.65. The total number of shares traded during the day was 2785162 in over 19802 trades.

The stock hit an intraday high of Rs. 164 and intraday low of 155.65. The net turnover during the day was Rs. 444025132.

Source : Equity Bulls

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