Coal India Q4 Review – A Mixed Bag Of Earnings: Motilal Oswal

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Coal India Ltd. reported a largely in line Q4 FY22, but e-auction premiums, the mainstay of its profitability, disappointed both in terms of volume and premium.

Cost control, especially in contractual costs, resulted in a marginal beat on adjusted Ebitda in Q4 FY22.

Coal India’s net sales grew 22% YoY and 15% QoQ to Rs 327 billion in Q4 FY22. The QoQ growth in sales was driven by a 4% growth in dispatches, 8% higher fuel supply agreement prices, and 25% growth in e-auction prices.

E-auction premium in Q4 FY22 was 57% against our assumption of 90%. As a result, net sales were 73% lower than our estimate.

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