Coal India Q2 Review - E-Auction Realisation Disappoints Yet Again: Dolat Capital
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Dolat Capital Report
Coal India Ltd.'s sales volume of 147 million tonne (down 8% QoQ, due to seasonality) – pre reported, e-auction volume at 27 million tonne (down 10% QoQ) in line with our estimate.
Revenue came in at Rs 233 billion (down 8% QoQ) lower versus our estimate of Rs 241 billion.
Realisation: fuel supply agreement came in at Rs 1,382 (down 1% QoQ) marginally better than estimate of Rs 1,375, E-auction at Rs 1,594 (up 2% QoQ), were clearly below expectation of Rs 1,900 plus and a bit disappointing.
Blended of Rs 1,444/tonne (down 1% QoQ) missed due to lower e-auction realisation.
Coal India's Ebitda (post over burden removal) came in at Rs 39.4 billion (down 19% QoQ).
This is well below our and consensus estimates in the range of ~Rs 49-50 billion mainly on account of lower than expected realisation on the e-auction front.
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