CIL e-auction volume, realisation comes in better than our estimateCOALINDIA - 234 Change: 10.25 (4.59 %)
News: For Q3FY22, Coal India’s consolidated revenue from operations was at Rs.28434 crore (up 20% YoY & 22% QoQ), higher than our estimate of Rs.27765 crore. Consolidated EBITDA for the quarter stood at Rs.6825 crore (up 32% YoY & 73% QoQ), higher than our estimate of |6090 crore. Consolidated EBITDA margin for Q2FY22 was at 24.0% compared to 21.8% in Q3FY21 and 16.9% in Q2FY22 (our estimate of 21.9%). EBITDA/tonne for Q3FY22 was at Rs.393/tonne, higher than our estimate of Rs.350/tonne (EBITDA/tonne of Rs.335/tonne in Q3FY21 and Rs.268/tonne in Q2FY22). Coal India’s ensuing consolidated PAT for Q3FY22 stood at Rs.4557 crore (up 48% YoY & 55% QoQ), higher than our estimate of Rs.4239 crore.
Views: CIL reported a healthy performance for Q3FY22 wherein consolidated topline, EBITDA and PAT came in higher than our estimates. Better than expected performance was primarily of the back of higher than expected e-auction sales volumes and realisations. For Q3FY22, Coal India reported sales volume of 174 million tonnes (MT), up 13% YoY & 18% QoQ (our estimate 174 MT). FSA sales volume for Q3FY22 was at 145 MT (up 16% YoY & 23% QoQ), marginally lower than our estimate of 150 MT. E-auction sales volume for Q3FY22 stood at 26 MT (up 4% YoY however down 4% QoQ), (higher than our estimate of 21 MT). E-auction realisations for Q3FY22 stood at Rs.1947/tonne (up 20% YoY & 22% QoQ), higher than our estimate of Rs.1725/tonne.