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Coal India Q3 Results Review - Robust; Lower Costs Drive Ebitda Beat: Axis Securities

Coal-based Power demand offers demand visibility:

<div class="paragraphs"><p>Excavators at a Coal India operated mine (Source: Company website)</p></div>
Excavators at a Coal India operated mine (Source: Company website)

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Axis Securities Report

Coal India Ltd.'s posted robust results with Ebitda/profit after tax beating ours and consensus estimates. Total consolidated revenue stood at Rs 36,154 crore (up 3%/10% YoY/QoQ), which was in line with our estimates.

Ebitda stood significantly ahead of our and consensus estimate at Rs 11,373 crore (up 9%/40% YoY/QoQ), mainly led by lower raw material costs (down 41%/47% YoY/QoQ) and stable employee expenses (flat YoY, down by 1% QoQ).

Attributable profit after tax stood at Rs 9,069 crore, up 17%/33% YoY/QoQ, ahead of consensus by 17%, led by higher Ebitda and other income. Coal India declared a 2nd interim dividend of Rs 5.25/share with February 20 2024 as the record date.

The first interim dividend was declared in November 2023 at Rs 15.25/share, which brings the total interim dividend for FY24 to Rs 20.5/share

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Axis Securities Coal India Results Review.pdf
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