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Kotak Institutional Equities maintains buy on Coal India, fair value at Rs 285

Buy Coal India Ltd. at a price target of Rs 285.0 .

Updated: Oct 07, 2019, 08.36 AM IST
Kotak Institutional Equities has maintained buy rating on Coal India with a fair value of Rs 285. Shares of Coal India ended down 0.5% at Rs 185.75 on Friday while BSE Sensex closed 433.56 points down at 37,673.31.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 23223.00 crore, down -13.04% from last quarter sales of Rs 26704.27 crore and up 3.64% from last year same quarter sales of Rs 22407.73 crore. The company has reported net profit after tax of Rs 4630.63 crore in the latest quarter.

Investment Rationale

Coal India reported 20% YoY decline in dispatches in September 2019 due to flooding of mines on account of excessive rains. Production volumes traced dispatch numbers and declined by 23.5% YoY in September 2019, it said. E-auction premiums increased to 87% in August 2019. The brokerage has maintained buy due to an improved earnings trajectory.

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