{"id":400850,"date":"2021-02-17T12:25:44","date_gmt":"2021-02-17T06:55:44","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=400850"},"modified":"2021-02-17T13:05:17","modified_gmt":"2021-02-17T07:35:17","slug":"cil-maintain-buy-with-revised-fv-of-rs-185-share","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/cil-maintain-buy-with-revised-fv-of-rs-185-share\/","title":{"rendered":"CIL: Maintain \u2018buy\u2019 with revised FV of Rs 185\/share"},"content":{"rendered":"<p>Weak realisations. Coal India (CIL) reported weak performance as realisation for raw coal (contributing 80% by volumes) declined to Coal India1,354\/tonne (-4% yoy) leading to flat revenues of Rs 217 billion despite 8.7% y-o-y growth in overall dispatches in Q3FY21. Strong e-auction volumes (+177% yoy) despite weak premiums (25% in 3QFY21) continued to salvage earnings over the past few quarters. Sustained improvement in dispatch volumes continues to remain the key earnings driver for CIL. Maintain \u2018buy\u2019 with revised fair value (FV) of Rs 185\/share (from Rs 180\/share earlier).<\/p>\n<p>CIL reported revenues of Rs 217 billion (+1% yoy, +11% qoq), ebitda of Rs 32 billion (-5% yoy, +38% qoq) and PAT of Rs 30.8 billion (-21% yoy, +4% qoq) against our estimates of Rs 223.8 billion, Rs 32.5 billion and Rs 36 billion, respectively. The revenue miss was largely on account of lower blended realisations of Rs 1,411\/tonne (-7.4% yoy, -3% qoq) due to continued weakness in e-auction realsations at Rs 1,466\/tonne (-44% yoy,+2% qoq) though the same was off-set by substantially higher e-auction volumes of 27 million tonne (+177% yoy, +22% qoq) thereby cushioning the impact on revenues.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Weak realisations. Coal India (CIL) reported weak performance as realisation for raw coal (contributing 80% by volumes) declined to Coal India1,354\/tonne (-4% yoy) leading to flat revenues of Rs 217 billion despite 8.7% y-o-y growth in overall dispatches in Q3FY21. Strong e-auction volumes (+177% yoy) despite weak premiums (25% in 3QFY21) continued to salvage earnings over the past few quarters. Sustained improvement in dispatch volumes continues to remain the key earnings driver for CIL. Maintain \u2018buy\u2019 with revised fair value (FV) of Rs 185\/share (from Rs 180\/share earlier). CIL reported revenues of Rs 217 billion (+1% yoy, +11% qoq), ebitda [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[198,130,138],"tags":[],"class_list":["post-400850","post","type-post","status-publish","format-standard","hentry","category-coal-the-financial-express","category-newspapers","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/400850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=400850"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/400850\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=400850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=400850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=400850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}