Coal India (CIL) is one of the largest coal producers in the world. In FY22, CIL produced 623 million tonnes (MT) while offtake for FY22 was at 662 MT.
CIL reported a healthy operational performance in Q4FY22.
CIL’s share price has given a return of ~26% in the last 12 months (from ~₹ 148 in May 2021 to ~₹ 187 levels in May 2022).
We value CIL at ₹ 225, 4.5x FY24E EV/EBITDA
In our sector coverage, we like Ratnamani Metals and Tubes.
|(| Crore)||FY19||FY20||FY21||FY22||CAGR in % (FY19-FY22)||FY23E||FY24E||CAGR in % (FY22-FY24E)|
|Total Operating Income||99,586.0||96,080.0||90,026.0||109,714.0||5.9||111,031.0||116,822.0||3.2|
|EBITDA Margin (%)||25.1||22.5||20.6||22.5||-||24.0||23.9||-|
|Q4FY22||Q4FY22E||Q4FY21||YoY (%)||Q3FY22||QoQ (%)||Comments|
|Total Operating Income||32707||31080||26700||22||28434||15||Consolidated topline came in higher than our estimate|
|Other Income||1789||675||1224||46||653||174||Consolidated Other income came in higher than our estimate|
|EBITDA||9079||8555||6438||41||6825||33||Consolidated EBITDA came in higher than our estimate|
|EBITDA Margin (%)||27.8||27.5||24.1||365 bps||19.2||860 bps||Consolidated EBITDA margin came in broadly in line with our estimate|
|Share of JV||1||0||-3||NA||-3||NA|
|PAT||6715||6020||4589||46||4557||47||Consolidated PAT came in higher than our estimate|
|Coal Sales (million tonne)||180||180||165||9||174||4||Total off take came in line with our estimate|
|FSA Volumes||150||150||133||13||145||3||FSA volume came in line with our estimate|
|FSA Realisations||1474||1400||1392||6||1370||8||FSA realisations came in line with our estimate|
|E-auction volumes||28||27||29||-5||26||6||E-auction came in broadly in line with our estimate|
|E-auction realisations||2434||2400||1752||39||1947||25||E-auction realisation came in broadly in line with our estimate|
|EBITDA/tonne||504||475||390||29||393||28||EBITDA/tonne came in higher than our estimate|
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