Coal India Q4 Results Review - E-Auction Volumes Recover; Premiums Better Than Expected: Axis Securities

Axis Securities Report

Coal India Ltd. revenue at Rs 37,410 crore (down 2% YoY, up 3% QoQ) stood largely in line with our and consensus estimates. Reported Ebitda at Rs 11,338 crore (up 21% YoY, down 13% QoQ), beat the consensus by 11%, led by lower raw material costs (due to inventory build-up ahead of the peak summer which drove the cost of raw material down) and change in the accounting policy for the stripping activity.

Adjusted Ebitda excluding stripping activity missed our estimate by 12% at Rs 9,844 crore (up 14% YoY, down 18% QoQ), mainly driven by higher employee and contractual expenses. Full-year employee expenses at Rs 48,783 crore exceeded the guidance of Rs 46,000 crore.

Attributable profit after tax stood at Rs 8,682 crore (up 26% YoY, down 14% QoQ), 12% ahead of consensus led by an Ebitda beat.

Coal India declared a final dividend of Rs 5/share in addition to the first and second interim dividend of Rs 15.25 and 5.25/share, which brings the total dividend for FY24 to Rs 25.5/share (6% dividend yield at the current market price).

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