Coal India Q2FY13 Result Update: Key Takeaways
Coal India revenue in line with the expectation at 145725 (expected 146850mn) compared to 131481mn of corresponding Q. Improvement in production and offtake volumes supported the revenue growth. NPAT reported well than the expected at 30673mn (expected 26192mn). Improvement in the exceptional items and lower interest as well as depreciation cost led profitability to escalate.

During the Q, the company net sales has increased 10.8% YoY to 145725mn (expected 146850mn) compared to 131481mn of the corresponding Q of previous year. This was due to the improved production number as the company output increased 10.9% YoY to 89mn ton compared to 80mn ton of the corresponding Q. The revenue would have been much better but due to fall in the e-auction prices by 153/ton to 2282/ton as against 2435/ton of FY12. The company off take has also gone up 8.5% YoY to 101mn ton in Q2FY13 compared to 93.7mn ton of the corresponding Q of previous year. On the profitability front, EBITDA increased 15%YoY to 28617mn in Q2FY13 compared to 24896mn of the corresponding Q of previous year. Other income of the company has gone up 17%YoY to 20929 mn in Q2FY13 compared to 17865mn of the corresponding Q. This led adjusted EBITDA to increase by 16%YoY to 49545mn during the Q. The company interest cost also declined 20%YoY to 102mn. However; company got exceptional losses of 195 mn which could not resist PBDT to pose impressive growth of 15% YoY to 49248mn (expected 43692mn) during the Q. Depreciation expenses lowered down by 32%YoY to 3872mn (expected 4921mn) led PBT to increased 23%YoY to 45376mn (expected 38771mn) compared with 36990mn of the corresponding Q of previous year. PAT adjusted tax also increased 18.6% YoY to 30673mn (expected 26192mn) compared to 25858mn of the corresponding Q of previous year. After the impressive Q2 result the company is confident to meet production target of 470MT for FY13.