Coal India Q3 Results Review - Decent Performance; Outlook Robust: Motilal Oswal

Motilal Oswal Report

Coal India Ltd. reported yet another quarter with in line revenue. Net sales grew 24% YoY and 18% QoQ to Rs 352 billion in Q3 FY23. The YoY sales growth was driven by a 23% growth in blended average selling price. ASP grew YoY across all the categories and total dispatch volumes registered a growth of 1.2% YoY.

Dispatches were up 14% QoQ and 1.2% YoY, while blended ASP was up 4% QoQ and 23% YoY at Rs 1,845/tonne. E-auction ASP was up 160% YoY to Rs 5,047/tonne (down 17% QoQ; e-auction premium had touched its life-time high in Q2 FY23).

E-auction premium cooled off to 241% from an all-time high of 329% in the previous quarter.

Adjusted Ebitda (net of over burden removal) grew 52% YoY and 40% QoQ after a strong 178% YoY growth in Q1 FY23 and 100% YoY growth in Q2 FY23 – the highest ever third quarter Ebitda for Coal India. Adjusted profit after tax grew 69% YoY and 28% QoQ to Rs 77 billion in Q3 FY23.

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