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ICICI Securities Report
Coal India Ltd. has reported another quarter of excellent earnings in Q1 FY23. Revenue increased 38.8% YoY to Rs 351 billion, supported by 10.6% YoY increase in offtake at 177.5 million tonne and 26% YoY increase in average realisation at Rs 1,829/tonne.
Ebitda at Rs 122.5 billion was 153% higher YoY while the company registered an Ebitda/tonne of Rs 690. Reported profit after tax was up 178% YoY at Rs 88.3 billion.
Fuel supply agreement/e-auction realisation was Rs 1,443/Rs 4,340 per tonne. This strong performance was despite cost pressures and sets a very high bar for the coming quarters.
We believe Coal India will continue to perform well as factors which were at play in the past two quarters will continue – high thermal power demand, high international coal prices and subsequent increase in demand for domestic coal, leading to higher e-auction premiums.
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