Coal India Q4 Results Review - Operational Performance Inline; Outlook Bright: Motilal Oswal

Motilal Oswal Report

Coal India Ltd.'s Q4 FY24 revenue stood at Rs 374 billion (-2% YoY/+4% QoQ), in line with our estimate of Rs 376 billion. Blended average selling price was Rs 1,699/tonne (-9% YoY/-2% QoQ), largely in line with our estimate.

Adjusted Ebitda (net of overburden removal) stood at Rs 98 billion (+14% YoY/-17% QoQ) in Q4, in line with our estimate of Rs 95 billion. Ebitda/tonne stood at Rs 488 (+6% YoY/-22% QoQ), versus our estiamte of Rs 472, as lower costs led to improvement in operating performance.

Adjusted profit after tax stood at Rs 87 billion (+26% YoY/-14% QoQ) versus our estimate of Rs 68 billion. The beat was due to a change in OBR accounting. The company in Feb-24 approved the change in accounting policy on stripping activity, which the group was consistently following in the case of opencast mining with a rated capacity of one million tonnes per annum or more. In Q4, the company provided for the impact of this change and restated previous financials.

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