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Coal India: Higher realisations boost topline
Jun 5, 2012

Coal India has announced the consolidated results for the quarter (4QFY12) and year (FY12) ended March 2012. The company has posted a growth of 29.4% YoY in net sales and a decline of 5% YoY in net profits respectively for the quarter ended March 2012. Here is our analysis of the results.

Performance summary
  • Net sales improved by 29.4% YoY during 4QFY12. This was on the back of higher realisations and higher offtake volume.
  • Operating profits declined by 24.3% YoY. This was due to higher employee cost.
  • Other income increased by 57.2% YoY on account of higher cash balance and increased treasury yield.
  • Net profit for the quarter ended March ended 2012, declined by 5% due to higher expenditure.
  • For the full year ended March 2012, net sales increased by 24.3% YoY while net profit increased by 36% YoY.
  • The company has also recommended a final dividend of Rs 0.5 per share for FY12. This is over and above the interim dividend of Rs 9.5 per share for FY12.
Consolidated operating and financial performance
(Million tons) 4QFY11 4QFY12 Change FY11 FY12 Change
Coal production 131.9 144.6 9.7% 431.3 435.8 1.0%
Offtake 114.1 122.8 7.6% 424.5 433.1 2.0%
(Rs m)
Net sales 150,046 194,190 29.4% 502,293 624,154 24.3%
Expenditure 100,028 156,334 56.3% 367,517 467,476 27.2%
Operating profit (EBDITA) 50,018 37,856 -24.3% 134,776 156,678 16.3%
EBDITA margin (%) 33.3% 19.5%   26.8% 25.1%  
Other income 14,811 23,280 57.2% 48,721 75,369 54.7%
Depreciation 5,195 4,103 -21.0% 17,654 19,692 11.5%
Interest 386 185 -52.1% 737 540 -26.8%
Profit before tax 59,248 56,847 -4.1% 165,106 211,815 28.3%
Exceptional items (162) (458)   575 (734)  
Tax 17,218 17,221 0.0% 55,924 64,790 15.9%
Effective tax rate 29% 30%   34% 31%  
Profit after tax/(loss) 42,192 40,084 -5.0% 108,607 147,759 36.0%
Net profit margin (%) 28.1% 20.6%   21.6% 23.7%  
No. of shares (m)         6,316.3  
Diluted earnings per share (Rs)*         23.4  
Price to earnings ratio (x)         13.7  

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