Motilal Oswal - Coal India Ltd. (COALINDIA) MOSL: COAL INDIA (Buy): Better FSA realization, e-auction volumes drive beat

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Motilal Oswal

EUR 120.00 For Business Accounts Only

MOSL: COAL INDIA (Buy): Better FSA realization, e-auction volumes drive beat

COAL INDIA: Better FSA realization, e-auction volumes drive beatCOAL INDIA: Better FSA realization, e-auction volumes drive beat(COAL IN, Mkt Cap USD18.1b, CMP INR210, TP INR278, 32% Upside, Buy)

** Coal India's (COAL) revenue declined 7% YoY to ~INR204b (our estimate: INR191b) in 2QFY20 due to lower sales volumes (-11% YoY at ~122mt, in-line). However, FSA realization was up 12% YoY on account of higher sales to the non-power sector and lower grade slippage.
** Cash cost (ex-OBR) increased 8% YoY to INR1,318/t, given negative operating leverage on lower volumes. The company’s wage bill was up 1% YoY at INR90.7b.
** Adj. EBITDA (ex-OBR) declined 17% YoY to ~INR42b (our estimate: ~INR37b). The beat was driven by increased FSA realization and higher-than-expected e-auction volumes.

13/11/2019 8 EN

Underlying

Coal India Ltd.

Coal India is engaged in the identification, exploration, and production of coal in India. Co. offers coking coal primarily for use in steel making and metallurgical industries, and for hard coke manufacturing; semi coking coal for use as blend-able coal in steel making, merchant coke manufacturing, and other metallurgical industries; NLW coking coal for use in power utilities and non-core sector consumers; non-coking coal for use as thermal grade coal for power generation, as well as for cement, fertilizer, glass, ceramic, paper, chemical and brick manufacturing, and for other heating applications.

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INE522F01014 National Stock Exchange of India India

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Motilal Oswal

Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

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MOSL: COAL INDIA (Buy): Better FSA realization, e-auction volumes drive beat

MOSL: COAL INDIA: The black diamond: Once shunned, now sought after

COAL INDIA sees an upgrade to Slightly Positive due to a better fundamental star rating

MOSL: COAL INDIA: e-auction recovery in sight, premiums to stay

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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