Q4 FY12 Result Analysis – Coal India Ltd (CIL) ---Microsec Research

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Q4 FY12 Result Analysis –

Coal India Ltd (CIL) announced its Q4 FY12 and Annual results on 28^th   May 2012. CIL has posted a consolidated net profit of ` 4013.41 Crore for the fourth quarter ended March 31, 2012 as compared to ` 4221.31 Crore profit for the quarter ended March 31, 2011, representing a decrease of 4.93%.

Total income has increased from ` 15003.76 Crore for the quarter ended March 31, 2011 to ` 19418.99 Crore for the quarter ended March 31, 2012, representing an increase of 29.43%.

EBITDA Margin of the company decreased from 33.48% to 19.49%, due to wage hike of ` 3446.73 Crore. Coal India reported other income of ` 2327 crore largely due to the cash pile that it holds.    

                                                                                                         

FY12 Annual Result Analysis –

On a Yearly basis, its net sales increased by 24.25% to Rs 62415.43 crore and PAT improved by 36.08% to  Rs 14788.20 crore. EBITDA margin decreased from 26.80% to 25.10%.

Key Result Highlights-

·         The company reported production of 122.83 million tonnes for the March 2011 quarter as expected.

·         It has given a guidance of 464 mt for the full year ending March 2012.

·         Company has liquidated 7.25 MT from its inventory; Total inventory stood as 63 MT.

·         Company’s revenue through E-auction is ` 6000 cr.

·         Company’s Blended realisations at ` 1,581/tonne

Q4’12 [INR-Crore]	Consensus	Actual	Var (%)				FY 11-12 [INR-Crore]	Consensus	Actual	Var (%)
Revenues	17703.00	19418.99	9.69%				Revenues	61162.30	62415.43	2.05%
EBITDA	4403.60	3785.55	-14.04%				EBITDA	17313.20	15667.81	-9.50%
PAT	3828.60	4013.41	4.83%				PAT	14732.00	14788.20	0.38%
EPS	5.92	6.42	8.48%				EPS	23.34	23.47	0.55%
Coal India Ltd - Quarterly-Consolidated - [INR-Crore]							Coal India-Annual- Consolidated - [INR-Crore]
DESCRIPTION	Q4 12	Q4 11	Q3 12	YOY	QOQ		DESCRIPTION	FY12	FY11	YOY
Revenues	19418.99	15003.76	15349.28	29.43%	26.51%		Revenues	62415.43	50233.59	24.25%
Total Expenditure	15633.44	9980.04	10807.18	56.65%	44.66%		Total Expenditure	46747.62	36771.67	27.13%
EBITDA	3785.55	5023.72	4542.10	-24.65%	-16.66%		EBITDA	15667.81	13461.92	16.39%
EBIDTA Margins	19.49%	33.48%	29.59%	(1,398.90)BPS	(1,009.76)BPS		EBIDTA Margins	25.10%	26.80%	(169.62)BPS
Other Income	2327.95	1368.32	1855.87				Other Income	7536.90	4796.30
Operating Profit	6113.50	6392.04	6397.97				Operating Profit	23204.71	18258.22
Interest	18.48	20.74	7.60				Interest	53.98	61.92
Exceptional Items	45.80	17.02	5.22				Exceptional Items	-73.37	-60.18
PBDT	6140.82	6388.32	6395.59				PBDT	23224.10	18136.12
Depreciation	410.33	444.38	525.67				Depreciation	1969.22	1672.89
PBT	5730.49	5943.94	5869.92				PBT	21254.88	16463.23
Tax	1722.10	1722.63	1832.16				Tax	6479.03	5595.88
Profit After Tax	4008.39	4221.31	4037.76	-5.04%	-0.73%		Profit After Tax	14775.85	10867.35	35.97%
Extraordinary Items	-5.02						Extraordinary Items	-12.35
Minority Interest							Minority Interest
Shares of Associates							Shares of Associates
Consolidated Net Profit	4013.41	4221.31	4037.76	-4.93%	-0.60%		Consolidated Net Profit	14788.20	10867.35	36.08%
PAT  Margins	20.64%	28.14%	26.31%	(749.34)BPS	(566.43)BPS		PAT  Margins	23.67%	21.63%	203.98 BPS
Equity Capital	6316.36	6316.36	6316.36				Equity Capital	6316.36	6316.36
Face Value (In Rs)	10.00	10.00	10.00				Face Value (In Rs)	10.00	10.00
Diluted EPS	6.42	6.88	6.39	-6.69%	0.47%		Diluted EPS	23.47	17.19	36.53%

Regards,

Team Microsec Research