Prabhudas Lilladher is bullish on Coal India and has recommended accumulate rating on the stock with a target of Rs 400 in its February 13, 2013 research report.
Prabhudas Lilladher is bullish on Coal India (CIL) and has recommended accumulate rating on the stock with a target of Rs 400 in its February 13, 2013 research report.
"e-auction realisations rose by ~20 percent QoQ or Rs294/t (3 percent YoY/Rs89/t) at Rs2,941, ahead our expectation of Rs2,600, while, volumes dropped by 9 percent YoY (up 2 percent QoQ) at 10.5m (PLe: 11m) tonnes. FSA realisations came in marginally below our expectation at Rs1,232/t (PLe: Rs1,247), down 4 percent QoQ/Rs49/t (+6 percent YoY or Rs69/t). Washed coal realisation grew 19 percent QoQ (YoY as well) at Rs2,491 on the back of higher grade. Hence, revenue grew 13 percent YoY (PLe: 9.2 percent) at Rs173.3bn (PLe: Rs167.6bn) on the back of 9.2 percent growth in volumes at 120mt (PLe:120mt) and 3.3 percent (PLe:0.4 percent) YoY rise in realisations at Rs1,441 (PLe: Rs1,401)/t. Realisations grew 0.4 percent QoQ or Rs6/t. Total cost/t rose 11 percent at Rs1,085, ahead of our expectation of Rs1,035 on account of higher-than-expected rise in welfare expenses, contractual and miscellaneous expenses. Employee cost declined 3.5 percent QoQ or Rs2.3bn at Rs63.1bn on account of ex-gratia bonus of Rs2.3bn in prior quarter."
"EBITDA/t for the quarter fell 14 percent YoY at Rs357 (PLe: Rs366). Hence, CIL reported 6 percent YoY fall in EBITDA at Rs42.9bn (PLe: Rs43.7bn). PAT grew 9 percent at Rs44bn, ahead of our expectation of Rs40.8bn on the back of higherthan- expected interest income and other operating income. CIL reported rise of 11 percent and 66 percent YoY in interest income and other operating income at Rs15.3bn (PLe: Rs14.9bn) and Rs8.3bn (PLe: Rs4.8bn), respectively," says Prabhudas Lilladher research report.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
Set email alert for
ADS BY GOOGLE
video of the day
Industrial recovery still away; like construction: HSBC