External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>CIL posted a mixed set of numbers with revenue in line with our estimates while EBITDA/PAT reported a slight miss (6%/3%) from our estimates.</li><li>Revenue stood largely in line, up 17%/8% YoY/QoQ, led by higher sales offtake and ASPs (up 13%/2% YoY/QoQ).</li><li>EBITDA (down 24%/34% YoY/QoQ) missed our estimates by 6%, mainly on account of the higher- than-expected employee, contractual, and other expenses, which are partially offset by lower-than- expected RM (coal stock build-up) and stripping activity costs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CIL posted a mixed set of numbers with revenue in line with our estimates while EBITDA/PAT reported a slight miss (6%/3%) from our estimates.Revenue stood largely in line, up 17%/8% YoY/QoQ, led by higher sales offtake and ASPs (up 13%/2% YoY/QoQ).EBITDA (down 24%/34% YoY/QoQ) missed our estimates by 6%, mainly on account of the higher- than-expected employee, contractual, and other expenses, which are partially offset by lower-than- expected RM (coal stock build-up) and stripping activity costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal India - Healthy Traction in Volumes Bodes Well

<ul><li>E-auction premium on a declining trend: e-auction premium stood at 241% in Q3FY23 over FSA prices (down from 329% in Q2FY23) still at elevated level benefitting Coal India.</li><li>However, Dec’22 monthly e-auction premium has declined to 177% (241% in Nov’22).</li><li>With falling international coal prices we factor in lower e-auction prices in FY24E at Rs 2,575/t (vs. Rs 5,046/t in Q3FY23).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

E-auction premium on a declining trend: e-auction premium stood at 241% in Q3FY23 over FSA prices (down from 329% in Q2FY23) still at elevated level benefitting Coal India.However, Dec’22 monthly e-auction premium has declined to 177% (241% in Nov’22).With falling international coal prices we factor in lower e-auction prices in FY24E at Rs 2,575/t (vs. Rs 5,046/t in Q3FY23).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal India - Decent Q3, E-Auction Premiums Coming off the Peak

<ul><li>Coal India Ltd (CIL) delivered a mixed set of numbers with revenue in line with our estimate while EBITDA/PAT stood below our estimates.</li><li>Revenue grew 28% YoY but declined 15% QoQ.</li><li>This growth stood in line with sales volumes, up 5% YoY and down 13% QoQ, and ASP, up 23% YoY and down 3% QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal India Ltd (CIL) delivered a mixed set of numbers with revenue in line with our estimate while EBITDA/PAT stood below our estimates.Revenue grew 28% YoY but declined 15% QoQ.This growth stood in line with sales volumes, up 5% YoY and down 13% QoQ, and ASP, up 23% YoY and down 3% QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal India - Outperformance Likely to Continue

<ul><li>Coal India Ltd (CIL) delivered a stellar set of numbers for the quarter, beating our estimates on all fronts.</li><li>Revenue at Rs 32,498 Cr grew by 40%/8% YoY/QoQ and beat our estimate by 13%.</li><li>The beat was led by higher average realisation in the quarter, which stood significantly strong as against previous quarters, at Rs 1,829/t up 26%/10% YoY/QoQ, and ahead of our estimate by 13%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal India Ltd (CIL) delivered a stellar set of numbers for the quarter, beating our estimates on all fronts.Revenue at Rs 32,498 Cr grew by 40%/8% YoY/QoQ and beat our estimate by 13%.The beat was led by higher average realisation in the quarter, which stood significantly strong as against previous quarters, at Rs 1,829/t up 26%/10% YoY/QoQ, and ahead of our estimate by 13%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal India - Impressive E-Auction Premium Drives Beat

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>For Q3FY22, CIL's consolidated revenue from operations were at Rs 28434 crore (up 20% YoY &amp; 22% QoQ), higher than our estimate of Rs 27765 crore.</li><li>CIL's consolidated EBITDA for the quarter was at Rs 6825 crore (up 32% YoY &amp; 73% QoQ), higher than our estimate of Rs 6090 crore.</li><li>EBITDA/tonne for Q3FY22 was at Rs 393/tonne, higher than our estimate of Rs 350/tonne</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

For Q3FY22, CIL's consolidated revenue from operations were at Rs 28434 crore (up 20% YoY &amp; 22% QoQ), higher than our estimate of Rs 27765 crore.CIL's consolidated EBITDA for the quarter was at Rs 6825 crore (up 32% YoY &amp; 73% QoQ), higher than our estimate of Rs 6090 crore.EBITDA/tonne for Q3FY22 was at Rs 393/tonne, higher than our estimate of Rs 350/tonneContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Coal India Limited (CIL) is the world's largest coal producer, engaged in the exploration, production, and marketing of coal and coal products. It primarily supplies thermal coal for power generation and coking coal for steel and metallurgical industries. Headquartered in Kolkata, West Bengal, India, the company was established in November 1975.

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Coal India (COAL IN)

Coal India - Healthy Traction in Volumes Bodes Well

CIL posted a mixed set of numbers with revenue in line with our estimates while EBITDA/PAT reported a slight miss (6%/3%) from our estimates.

Axis Direct

Coal India - Decent Q3, E-Auction Premiums Coming off the Peak

E-auction premium on a declining trend: e-auction premium stood at 241% in Q3FY23 over FSA prices (down from 329% in Q2FY23) still at elevated...

Axis Direct

Coal India - Outperformance Likely to Continue

Coal India Ltd (CIL) delivered a mixed set of numbers with revenue in line with our estimate while EBITDA/PAT stood below our estimates.

Axis Direct

Coal India - Impressive E-Auction Premium Drives Beat

Coal India Ltd (CIL) delivered a stellar set of numbers for the quarter, beating our estimates on all fronts. Revenue at Rs 32,498 Cr grew by 40%...

Axis Direct

Coal India: Performs Well

For Q3FY22, CIL's consolidated revenue from operations were at Rs 28434 crore (up 20% YoY & 22% QoQ), higher than our estimate of Rs 27765 crore....

ICICI Securities Limited

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