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Coal India: Weak Realisations Hurt Topline - Views on News from Equitymaster
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Coal India: Weak Realisations Hurt Topline
Sep 27, 2016

Coal India has announced the first quarter results of financial year 2016-2017 (1QFY17). The topline and the bottomline declined by 6.1% YoY and 14.8% YoY respectively during the quarter.

Performance summary:
  • Income from operations declined by 6.1% YoY during 1QFY17. Dispatch volumes stood at 133.2 million tonnes, an increase of 3% YoY. However, average blended realisations came in at about Rs 1336/tonne, a decline of 8.8% YoY. Fall in FSA (Fuel Supply Agreement) realization has primarily led to the poor performance. During the quarter, FSA volumes stood at 107.7 Million tonnes (1.2% YoY decline) and realisations stood at Rs 1239/tonne (6% YoY Decline). Volumes from e-auction increased by about 28% YoY and stood at20.5 million tonnes. However, realisation declined by 28% YoY and stood at Rs 1570/tonne
  • Operating profit declined by 12% YoY. Operating Margin contracted by 1.6% to 23.9% in 1QFY17.
  • Other income declined during this quarter by 20.7%. Depreciation and interest cost saw a marginal increase of 4.6% YoY and 0.2% YoY during the quarter.
  • Net profit declined by 14.8% YoY during 1QFY17 on the back fall in operating profit, decline in other income.

    Financial Snapshot
    (Rs m) 1QFY16 1QFY17 Change
    Net Sales 189,558 177,961 -6.1%
    Other operating income 5,623 6,258 11.3%
    Total Income 195,181 184,219 -5.6%
    Total Expenses 146,829 141,670 -3.5%
    Operating profit (EBITDA) 48,352 42,548 -12.0%
    Operating profit margin (%) 25.5% 23.9%
    Other income 14,249 11,306 -20.7%
    Interest 888 890 0.2%
    Depreciation 6,379 6,672 4.6%
    Profit before tax & exceptional items 55,334 46,293 -16.3%
    Tax 19,365 15,641 -19.2%
    Net Profit 35,969 30,653 -14.8%
    Net profit margin (%) 19.0% 17.2%
    No. of shares (m) 6316
    Basic diluted earnings per share (Rs) ^ 21.5
    P/E ratio (x) * 15.4

    * On trailing 12 month basis

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