Coal India Q4 Review - Performance To Remain Below Par: Prabhudas Lilladher
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Prabhudas Lilladher Report
Coal India Ltd. reported Q4 FY21 earnings in line with our estimates.
Adjusted Ebitda fell 16% YoY to Rs 81.1 billion (our estimate: Rs 81.4 billion) due to 5% fall in realisations and 3% increase in costs.
Cash and cash equivalents fell 27% YoY to Rs 209 billion due to lower earnings, high receivables and elevated capex.
Sharp increase in capex intensity came as a negative surprise for street as well as for us.
Increase in linkage prices would get diluted in mitigating the elevated capex and upcoming wage hike effective from July 01, 2021.
Similarly, e-auction realisations remained subdued despite global prices at multi-year highs.
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