Dear All,
Forwarding you the Result Flash on Coal India for 4QFY2011 with a Neutral recommendation.
4QFY2011 Consolidated financial result highlights-
· Net sales for 4QFY2011 stood at `15,016cr, above our estimate of `13,524cr on account of higher than expected coal price realisation. Sales volumes remained flat yoy to 114m tonnes, while realisations increased 18.1% yoy to `1,316 per tonne.
· EBITDA for 4QFY2011 decreased 10.5% yoy to `5,562cr as rise in coal prices was more than offset by operating costs which increased 45.5% yoy to `829 per tonne.
· EBITDA margin for 4QFY2011 stood at 37%, while EBITDA margin for FY2011 stood at 28%.
· Reported net income de-grew 14.9% yoy to `4,221cr in 4QFY2011, although it was above our estimate of `3,647cr..
4QFY2011 Production and offtake volumes:
| | 4QFY11 | 4QFY10 | 9MFY11 | 9MFY10 |
| Production (mn tonnes) | 132 | 136 | 431 | 431 |
| Offtake (mn tonnes) | 114 | 114 | 425 | 416 |
4QFY2011 Consolidated financial performance:
| Y/E March (Rs cr) | 4QFY11 | 4QFY10 | yoy % | FY11 | FY10 | yoy % |
| Net sales | 15,016 | 12,741 | 17.9 | 50,234 | 44,615 | 13 |
| Raw material | 213 | 110 | 93.2 | 3,978 | 4,314 | (7.8) |
| % of net sales | 1.4 | 9.5 | 522.1 | 7.9 | 9.7 | |
| Staff cost | 4,598 | 3,997 | 15.0 | 18,211 | 16,556 | 10.0 |
| % of net sales | 30.6 | 35.5 | 84.1 | 36.3 | 37.1 | |
| Power & Fuel | 429 | 462 | (7.1) | 1,755 | 1,740 | 0.9 |
| % of net sales | 2.9 | 3.7 | (39.8) | 3.5 | 3.9 | 6.9 |
| Social Overhead | 719 | 585 | 22.8 | 2,229 | 1,963 | 13.5 |
| % of net sales | 4.8 | 4.4 | 127.8 | 4.4 | 4.4 | |
| Contractual Expenses | 1,365 | 1,195 | 14.3 | 4,580 | 3,844 | 19.2 |
| % of net sales | 9.1 | 9.0 | 79.8 | 9.1 | 8.6 | |
| Overburden removal adjustment | 1,147 | 1,351 | (15.2) | 2,618 |
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