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  • Coal India

    14-Feb-2019 | 18:57

    Coal India (CIL) has posted 50% jump in consolidated net profit at Rs 4,566.81 crore on the back of 15% gain in total income to Rs 25,045.83 crore for the third quarter ended December 2018, driven by its operating margin expansion, higher sales volume and realisation improvement. The operating margin (OPM) expanded 690 bps to 27.1%. Thus, OP grew by 55% to Rs 6,787.81 crore. Coal Indias production increased by 2.6% at 155.97 million tonnes (MT) during quarter, meanwhile Offtake raised by 0.9% to 153.83 MT. CILs average realizations increased 11.6% to Rs 1,520 per tonne.

    Performance for quarter ended December 2018

    Coal India (CIL) total income from operation inclined 15% to Rs 25,045.83 crore for the third quarter ended December 2018, due to rise in sales volume and in realization. Coal Indias production increased by 2.6% at 155.97 million tonnes (MT) during quarter, meanwhile Offtake raised by 0.9% to 153.83 MT. CILs average realizations increased 11.6% to Rs 1,520 per tonne.

    OPM expanded 690 bps to 27.1%. Thus, OP grew by 55% to Rs 6,787.81 crore. Other income grew 4% to Rs 1,163.30 crore, thus, the PBIDT inclined 45% to Rs 7,951.11 crore. The Company interest cost fell 36% to Rs 61.96 crore, while depreciation cost grew 15% to Rs 861.08 crore. Thus, the Profit before Tax (PBT) jumped 51% to Rs 7,028.07 crore.

    The net Tax Expense inclined by 53% to Rs 2,462.33 crore. The effective tax rate increased 50 bps to 35%. Thus, PAT before minority interest rose 50% to Rs 4,565.74 crore. After accounting inflow of Rs 1.07 crore in shares in JVs/associates, Net Profit grew 50% to Rs 4,566.81 crore.

    Performance for nine month ended December 2018

    Coal India (CIL) total income from operation inclined 21% to Rs 4671,000.63 crore for the nine month ended December 2018, due to rise in sales volume and realization. Coal Indias production was up 7.4% at 412.44 MT, meanwhile Offtake grew by 5.5% to 444.63 MT. CILs average realizations inclined by 8.7% to Rs 1,489 per tonne.

    OPM expanded by 810 bps to 23.6%. The increment in OPM seems largely on account of 9% rise in operating costs at Rs 54,235.72 crore as compared to 21% sales growth. As a result, the operating profit inclined by 84% at Rs 16,764.91 crore.

    Other income gained 37% to Rs 4,054.15 crore, thus, the PBIDT inclined 73% to Rs 20,819.06 crore. The Company interest charges dropped 45% to Rs 173.11 crore, while depreciation cost inclined 13% to Rs 2,413.19 crore. Thus, the Profit before Tax (PBT) rose 90% to Rs 18,232.76 crore.

    The net Tax Expense inclined by 77% to Rs 6,796.57 crore. The effective tax rate decreased 280 bps to 37.3%. Thus, PAT before minority interest jumped 98% to Rs 11,436.19 crore. After accounting Minority interest inflow of Rs 1.76 crore, Net Profit surged by 98% to Rs 11,437.95 crore.

    Annual Financial Performance

    For the financial year ended March 2018 (FY 2018), total income from operation inclined 10% to Rs 85,862.44 crore, due to rise in sales volume and in realization. Coal Indias production was up 2.4% at 567.37 MT, meanwhile Offtake grew by 6.8% to 580.29 MT. CILs average realizations declined by 4% to Rs 1,432 per tonne.

    OPM contracted by 470 bps to 11.1%. As a %age of sales and net of stock adjustments, employee benefits cost rose 860 bps to 50.6%. As a result, the operating profit dropped 23% at Rs 9,566.29 crore.

    Other income was down 13% to Rs 4,658.32 crore, thus, the PBIDT declined 20% to Rs 14,224.61 crore. The Company interest charges grew by 6% to Rs 431.79 crore, while depreciation cost inclined 5% to Rs 3066.38 crore. Thus, the Profit before Tax (PBT) dropped 26% to Rs 10,726.44 crore.

    The net Tax Expense declined by 28% to Rs 3,706.66 crore. The effective tax rate decreased 120 bps to 34.6%. Thus, PAT before EO and minority interest slid 24% to Rs 7,019.78 crore. After accounting EO of Rs 0.01 crore and Minority interest inflow of Rs 0.44 crore, Net Profit dropped by 24% to Rs 7,020.21 crore.

    The scrip hovered around Rs 219.50 (12 February 2019) on the BSE.

    Coal India (CIL): Consolidated Results

     

    1812 (3)1712 (3)Var %1812 (9)1712 (9)Var %1803 (12)1703 (12)Var %
    Income from Operations25045.8321707.041571000.6358696.662185862.4478411.2110
    OPM (%)27.120.223.615.511.115.9
    Operating Profit6787.814378.685516764.919100.24849566.2912438.05-23
    Other income1163.301113.8444054.152962.53374658.325324.21-13
    PBIDT7951.115492.524520819.0612062.777314224.6117762.26-20
    Interest61.9696.83-36173.11317.24-45431.79409.186
    PBDT7889.155395.694620645.9511745.537613792.8217353.08-21
    Depreciation861.08747.59152413.192132.22133066.382906.755
    PBT before PPA/EO7028.074648.105118232.769613.319010726.4414446.33-26
    PPA/EO0.000.000.000.000.000.00
    PBT after PPA/EO7028.074648.105118232.769613.319010726.4414446.33-26
    Taxation 2462.331605.19536796.573848.69773706.665164.79-28
    PAT before EO and minority interest4565.743042.915011436.195764.62987019.789281.54-24
    Extraordinary items0.000.000.000.00-0.01-0.01
    Minority Interest1.07-0.231.76-0.730.44-1.76
    Net Profit4566.813042.685011437.955763.89987020.219279.77-24
    EPS (Rs)*####11.315.0
    * EPS is on current equity capital of Rs 6207.41 crore, Face value of Rs 10
    # EPS Not Calculated As It Is A Seasonal Business
    Var % exceeding 999 is truncated to 999
    LP: Loss to Profit PL: Profit to Loss
    EO: Extraordinary items
    EPS is calculated after excluding EO and relevant tax
    Figures in Rs crore
    Source: Capitaline Corporate Databases

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