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Coal India (CIL) reported a mixed set of Q3FY21 numbers wherein topline and EBITDA came in line with our estimate. However, PAT came in lower than our estimate on the back of subdued other income and higher than expected effective tax rate. CIL reported sales volume of 154 million tonnes (MT), up 9% YoY, 15% QoQ (our estimate: 155 MT). Consolidated operating income for the quarter was at | 23686 crore, up 2% YoY, 12% QoQ (our estimate of | 24625 crore). Consolidated EBITDA was at | 5165 crore (up 4% YoY, 30% QoQ) against our estimate of | 5415 crore. Consolidated EBITDA margin came in at 21.8% (up 38 bps YoY, 301 bps QoQ), broadly in line with our estimate of 22.0%. EBITDA/tonne came in at | 335/tonne against our estimate of | 350/tonne (| 350/tonne in Q3FY20 and | 297/tonne in Q2FY21). Consolidated other income for the quarter was at | 640 crore (down 54% YoY, 40% QoQ), lower than our estimate of | 1025 crore. Effective tax rate came in at 35% against our estimate of 25% (26% in Q3FY20, 27% in Q2FY21). Ensuing consolidated PAT came in at | 3084 crore (down 21% YoY but up 4% QoQ), lower than our estimate of | 3922 crore.
