Coal India stock spikes over 5.5% as Q3 earnings beat estimates. Is it a good time to buy?
Coal India, the world's largest coal miner, saw its shares jump 5.80% to ₹457.85 apiece in today's trade after the company posted a robust set of numbers for the December-ending quarter, beating analysts' estimates. The strong earnings were led by higher other income, lower raw material and overburden removal costs. The company released its Q3 numbers post market hours on Monday, reporting a net profit of ₹9,094 crore, a robust 18% YoY growth.
This was the highest PAT earned during the third quarter of any year since the company’s listing. In absolute volume, the PAT jumped by ₹1,375 crore compared to ₹7,719 crore for the October–December 2022 period. Also Read: NHPC share price jumps over 8% even as brokerages have mixed views on its prospects Its revenue from operations during Q3 FY24 went up to ₹36,154 crore, marking a 3% growth over the ₹35,169 crore of the corresponding period of the previous fiscal.
The EBITDA stood at ₹11,373 crore, up by 9.50%, while the EBITDA margin expanded by 100 basis points YoY and 600 basis points on a QoQ basis, reaching 31% in Q3. It posted an 11% YoY growth in its output at 199 million tonnes (MT) for Q3 FY24, compared to 180.06 MT in Q3 FY23. Coal supplies were up by 9% to 191.30 MT during the quarter as against175.8 MT of last fiscal’s third quarter.
The FSA (Fuel Supply Agreement) realisations increased to ₹1,532 per tonne, marking a 3.4% year-on-year growth but a slight 0.6% decrease quarter-on-quarter. In contrast, e-auction realisations were ₹3,321 per tonne, down by 34% compared to the previous year but up by 17% compared to the previous quarter. Also Read: Paytm stock sheds another 8.5% after Macquarie cuts target price to ₹275 FSA volumes expanded to 172 million tonnes in Q3,
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