Coal India, one of the leading players in the coal mining sector, has reported a robust performance for the second quarter of the fiscal year 2023-24, marked by a 12.5% increase in net profit to Rs 6,800 crore. This surge in profitability can be attributed to higher sales and improved joint venture profits.
The joint venture (JV) profits notably turned positive at Rs 89.75 crore, a significant turnaround from the negative Rs 140.75 crore recorded last year. Revenue from operations also witnessed a healthy uptick, rising almost 4% to reach Rs 3,277 crore. Additionally, EBITDA demonstrated a substantial increase of 12%, reaching Rs 10,121 crore, with a 29.1% margin.
Coal India’s performance was further buoyed by a notable 12% year-on-year surge in volume. This increase played a crucial role in mitigating the impact of lower e-auction prices and higher staff costs. The positive momentum in sales and profitability has positioned Coal India as a strong player in the coal sector.
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The Coal India board has declared an interim dividend of Rs 15.25 per share for the fiscal year 2023-24. The record date for determining eligibility for the dividend has been set for November 21.
Jefferies India upgraded the stock from ‘hold’ to ‘buy.’ with the target price has been increased by 19% to Rs 385 per share. Jefferies cited India’s robust economic growth outlook and increasing power consumption as factors driving higher demand for coal. This optimistic demand scenario is expected to contribute to healthy growth for Coal India in the upcoming years.
The upgrade by Jefferies comes on the back of Coal India’s impressive fiscal year 2022-23, where the earnings per share (EPS) rose by 63% year-on-year, reaching Rs 46. This notable achievement was supported by a sharp increase in e-auction realizations amid the rising global coal prices.
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Jefferies India, in its latest report, highlighted the positive shift in Coal India’s earnings outlook. While there were earlier concerns about a declining earnings profile as e-auction prices normalize and wage hikes raise costs, an improved volume growth, coupled with a lower-than-expected cost trajectory, has significantly enhanced Coal India’s earnings prospects. Jefferies upgraded the FY24-26 EPS estimates by 18-42% and now anticipates a mild 5% EPS compound annual growth rate (CAGR) over FY23-26, despite a high FY23 base. The estimates assume a cash EBITDA per tonne slightly falling from Rs 587 in FY23 to Rs 560-565 in FY24-26.
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