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Axis Securities Report
Coal India Ltd. posted decent set of numbers, with revenue inline with our estimates while Ebitda/profit after tax beating our and street's estimates mainly on account of lower than expected employee expenses.
Revenue stood largely inline (marginal beat of 2%) up 24%/18% YoY/QoQ led by higher average selling prices (up 23%/5% YoY/QoQ).
Adjusted Ebitda (excluding stripping activities) jumped up by 52%/40% YoY/QoQ 25% ahead of our estimate (17% ahead of consensus) on the back of topline growth and lower than expected employee and raw material expenses.
Attributed profit after tax stood at Rs 7,756 crore, up 70%/28% YoY/QoQ aided by higher other income, partially offset by higher depreciation and amortisation.
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