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Motilal Oswal Report
Coal India Ltd. reflects the broad recovery in power demand (albeit aided by the low base of last year for the company).
Off-take rose 9% YoY in Q2 (versus 22% YoY decline in Q1).
Operationally, though, Ebitda (excluding overburden removal) declined 20% YoY (27% miss) due to higher contractual expenses amid strong OBR.
Muted power demand has impacted e-auction realisations and overall growth in off-take.
However, with recovery in power demand and a large cash position, the company can tide over the situation.
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