Coal India’s Q3 Performance Remains Below Par: Prabhudas Lilladher
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Prabhudas Lilladher Report
Coal India Ltd. reported Ebitda (adjusted for non-cash stripping activity adj) below our estimates by 7% due to higher provisions for overdues from generation companies.
Adjusted for provisions of Rs 5 billion (Q3 FY20/Q2 FY21: nil/ Rs 3.5 billion), Ebitda stood in line with our estimates at Rs 63.5 billion, up 3% YoY.
Operational performance deteriorated in January and February with fall in volumes on a reasonable base.
The benefit of rise in spot prices would be limited in E-auction realisations due to high share of auctions to under stress power sector.
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