Emkay's research report on Coal IndiaRevenue came in at Rs 189.6 bn +6.5% YoY; -8.8% QoQ and 2% light of our expectation. Average blended realizations stood at Rs 1465/tonne (-5% YoY and -2% QoQ). Dispatch volume was reported at 129.4 mt (+8.2% YoY) with e-auction volume at 16 mt (-5% YoY)EBITDA stood at Rs 43.8 bn; +2.4% YoY, -18.8% QoQ and in line with our estimates. Employee cost stood flat YoY at Rs 71.9 bn. EBITDA/tonne stood at Rs 339/ tonne (-5% YoY and -15% QoQ). Adj EVBITDA/ tonne stood at Rs 394/tonne (-5% YoY; -24% QoQ)APAT at Rs 37.9 bn (-5.7% YoY/ -10.6% QoQ), which was flat against our estimate of Rs 37.8 bn; Overburded removal adjustment was reported at Rs 7 bn, (+4% YoY; -55% QoQ)"We remain positive on the future prospects of the company led by visibility on the volume growth, focus on evacuation and price rationalizations. The stock has corrected recently possibly due to market buzz on OFS. We take this opportunity to upgrade the stock to buy while maintaining the target price at Rs 473", says Emkay Global Financial Services research report.For all recommendations, click here 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.
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