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Last Updated : Feb 12, 2020 10:14 AM IST | Source: Moneycontrol.com

Coal India share price gains 2% post Q3 show; Jefferies maintains buy

Research house Jefferies has maintained buy rating on the stock but cut target to Rs 255 from Rs 265 per share.

 
 
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Coal India share price gained over 2 percent in the early trade on February 12 after the company reported its Q3FY20 result.

The company's Q3FY20 net profit fell 14.1 percent to Rs 3,921.8 crore versus Rs 4,566.8 crore in the year-ago period.

Revenue was down 7.4 percent YoY at Rs 23,190.5 crore.

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Earnings before interest, tax, depreciation and amortization (EBITDA) was down 26.8 percent at Rs 4,968.4 crore versus Rs 6,787.8 crore in the corresponding quarter of the previous fiscal, while margin was down at 570 bps at 21.4 percent YoY.

Research house Jefferies has maintained buy rating on the stock but cut target to Rs 255 from Rs 265 per share.

The research house has tweaked FY20-21 EBITDA by 1.6%/-1.2% factoring in lower volume and lower e-auction mix.

After a dismal 9MFY20, the volume growth has picked up at key subsidiaries. Also, rising non-power mix has supported stronger FSA ASP.

The e-auction prices should moderate from Q3 levels, while frequent government stake sale remains a key overhang, it added.

At 09:18 hrs, Coal India was quoting at Rs 181.60, up Rs 2.25, or 1.25 percent on the BSE

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First Published on Feb 12, 2020 09:47 am
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