- 11 Aug 2022
- ICICIdirect Research
Significantly higher E-auction realisations aid Coal India’s Q1FY23 performanceCOALINDIA - 208 Change: -4.90 (-2.30 %)
News: For Q1FY23, Coal India reported a consolidated topline of Rs 35092 crore, up 39% YoY, 7% QoQ (higher than our estimate of Rs 32505 crore). Consolidated EBITDA for the quarter was at Rs 12251 crore (up 153% YoY, 35% QoQ), significantly higher than our estimate of Rs 8436 crore. Consolidated EBITDA margin for the quarter was at 34.9% compared to 19.2% in Q1FY22 and 27.8% in Q4FY22 (our estimate of 26.0%). EBITDA/tonne for the quarter was at Rs 690/tonne compared to Rs 302/tonne in Q1FY22 and Rs 504/tonne in Q4FY22 (our estimate of Rs475/tonne). Consolidated PAT for the quarter was at Rs 8834 crore, up 178% YoY, 32% QoQ, significantly higher than our estimate of Rs 6013 crore.
View: Coal India (CIL) reported a healthy performance for Q1FY23. For the quarter, CIL’s topline, EBITDA and PAT, all came in higher than our estimates. Better than expected E-auction realisation aided CIL’s performance for the quarter. For Q1FY23, Coal India’s E-auction realisation stood at Rs 4340/tonne, up 177% YoY and 78% QoQ, significantly higher than our estimate of Rs 2800/tonne. FSA realisation for the quarter stood at Rs1443/tonne, up 3% YoY, however down 2% QoQ (broadly in line with our estimate of Rs 1450/tonne).