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Centrum Broking Report
Coal India Ltd. reported better‐than‐expected Ebitda excluding over burden removal at Rs 124.7 billion (our estimate: Rs 92.1 billion), up 56% YoY.
The beat is primarily due to higher than expected coal prices and lower than expected employee cost.
Ebitda/tonne at Rs 692, was up 43% YoY. Coal India witnessed higher coal prices under fuel supply agreement (up 5.9% YoY) due to better grade mix.
Additionally, higher e‐auction prices (up 25% QoQ/39% YoY) inflated earnings.
E‐auction volume though will reduce in FY23 but will be offset by higher realisation. Domestic demand for coal remains strong.
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