Coal India's production grew 9.9% to 213.71 million tonnes (MT) during quarter, meanwhile Offtake rose marginal 0.2% to 163.87 MT. CIL's average realizations decreased 4.4% to Rs 1,563 per tonne. The Company sold 139.17 MT through FSA route (down 2% YoY) realising Rs 20,123.26 crore (down 3% YoY) and the average realisation was Rs 1,445.75 per tonne (down 1% YoY). It also sold around 21.02 MT through e-auction route (up 26% YoY) realising Rs 4,425.62 crore (down 4% YoY) and the average realisation was Rs 2,105.74 per tonne (down 24% YoY).

Performance for quarter ended March 2020

Coal India (CIL) total income from operation dropped 4% to Rs 27,568.23 crore for the fourth quarter ended March 2020, due to muted sales volume growth. Coal India's production grew 9.9% to 213.71 million tonnes (MT) during quarter, meanwhile Offtake rose marginal 0.2% to 163.87 MT. CIL's average realizations decreased 4.4% to Rs 1,563 per tonne. The Company sold 139.17 MT through FSA route (down 2% YoY) realising Rs 20,123.26 crore (down 3% YoY) and the average realisation was Rs 1,445.75 per tonne (down 1% YoY). It also sold around 21.02 MT through e-auction route (up 26% YoY) realising Rs 4,425.62 crore (down 4% YoY) and the average realisation was Rs 2,105.74 per tonne (down 24% YoY).

OPM decreased 440 bps to 24.4%. As a result, the operating profit declined 18% at Rs 6,728.85 crore. Other income gained 7% to Rs 1,913.18 crore, thus, the PBIDT shed 14% to Rs 8,642.03 crore. The Company interest charges increased 82% to Rs 165.12 crore. The depreciation cost was down 1% to Rs 1,029.40 crore. Thus, the Profit before Tax (PBT) was down by 16% to Rs 7,447.51 crore.

The net Tax Expense declined by 2% to Rs 2,821.64 crore. The effective tax rate increased 570 bps to 37.9%. Thus, PAT before minority interest shed 23% to Rs 4,625.87 crore. After accounting Minority interest outflow of Rs 0.11 crore, Net Profit declined by 23% to Rs 4,625.76 crore.

Annual Financial Performance

For the financial year ended March 2020 (FY 2020), Coal India (CIL) total income from operation shed 4% to Rs 96,080.34 crore. OPM fell by 230 bps to 22.8%. As a result, the operating profit declined by 12% at Rs 21,920.85 crore. Other income rose 5% to Rs 6,105.25 crore, thus, the PBIDT declined by 9% to Rs 28,026.25 crore. The Company interest charges rose 91% to Rs 502.92 crore, while depreciation cost was virtually flat at Rs 3,450.84 crore. Thus, the Profit before Tax (PBT) fell 11% to Rs 24,072.49 crore.

The net Tax Expense declined by 24% to Rs 7,370.98 crore. The effective tax rate decreased 500 bps to 30.6%. Thus, PAT before minority interest declined 4% to Rs 16,701.51 crore. After accounting Minority interest outflow of Rs 1.17 crore, Net Profit shed by 4% to Rs 16,700.34 crore.

The scrip closed at Rs 141.95 (26 June 2020) on the BSE.