11 February 2016
Q3FY16 Results Update | Sector: Utilities
Coal India
Buy
BSE SENSEX
22,952
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
S&P CNX
6,976
COAL IN
6,316.4
1,926.8 / 28.2
447 / 287
4/-1/2
1730
20.4
CMP: INR305
TP: INR445(+46%)
Cash EBITDA beat of 6%; cost deflation & operating leverage visible
Coal India’s (COAL) cash EBITDA (OBR adj.) was up 10% YoY to INR49.3b, 6% beat
on lower costs. Cost of production (CoP) of composite (OBR+coal) is down 14% YoY
on operating leverage and deflation in inputs. Stripping ratio has jumped from 1.8x
to 2.22x on advance stripping, which has eroded some of the gains. CoP of coal is
down 4% YoY to INR1,023/t. Other income was down 10% YoY to INR19.8b. Adj.
PAT was up 14% YoY to INR36.8b.
Revenue in-line; E-auction offset lower ACQ:
Revenue grew 7% YoY to
INR189b on ~10% dispatch growth (to ~137mt). E-auction volumes at 15.2mt
(v/s. estimate of 14mt) represented 11% of the mix. E-auction realization
surprised positively increasing 4% QoQ to INR1,866/t. ACQ realization were
down 1.4% YoY to INR1,277/t on weaker mix. ACQ volumes grew just 1.2% YoY
to 116mt on higher base. Last year, E-auction volumes were diverted to power
linkages.
EBITDA up 10% YoY, 6% beat on cost benefit:
cost deflation was very
prominent in diesel and explosive expenses. Wage bill too was down 2% YoY
due to net attrition and lower inflation. Higher stripping ratio (although slightly
lower QoQ to 2.2x) and CSR expenses eroded the benefits partly. If COAL sticks
to its guidance of 1050-1100mt OBR removal in FY16, the stripping ratio will be
significantly lower in 4QFY16.
Valuations & dividend yield attractive; Maintain Buy:
We are cutting E–
auction realization by 8% to INR1849/t and adj EBITDA by 7% to INR249b for
FY17E. FY18E estimates remain unchanged. Although demand is subdued, we
expect substitution of imports to continue. We expect adjusted EBITDA to grow
at CAGR of 15% over FY16-20E driven by operating leverage, rising net
attrition, and strong 10% CAGR in volumes. The stock is trading at
undemanding adjusted EV/EBITDA of 6x FY17E and 4.8x FY18E, which is pricing
in uncertainties of price hike. Dividend yield is attractive at 6.1%. Maintain Buy.
Financials & Valuations (INR b)
Y/E Mar
2016E 2017E 2018E
Net Sales
767.2 879.6 996.5
EBITDA
161.0 183.9 238.0
PAT
144.5 160.4 198.1
EPS (INR)
22.9
25.4
31.4
Gr. (%)
5.2
11.0
23.5
BV/Sh (INR)
66.2
68.7
71.9
RoE (%)
34.6
37.0
43.7
RoCE (%)
55.3
58.2
67.9
P/E (x)
13.3
12.0
9.7
P/BV (x)
4.6
4.4
4.2
Estimate change
TP change
Rating change
Sanjay Jain
(SanjayJain@MotilalOswal.com);+9122 3982 5412/Nalin
Bhatt
(NalinBhatt@MotilalOswal.com) +9122 3982 5429
Dhruv Muchhal
(Dhruv.Muchhal@MotilalOswal.com); +9122 3027 8033
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Coal India
Exhibit 1: Production was up 9% YoY to 144mt
Production
9.7 10.9
6.4
2.4
0.7
9.6
-0.20.4
1.1
-0.7
Growth (%)
10.9 12.0 9.4
6.0
5.6
5.3 4.9
Exhibit 2: Dispatches were up 10% YoY to 137mt
Offtake
8.6
5.1
-5.3-0.2
6.4
5.2
7.5
2.0
-2.70.5
3.8
1.3
Growth (%)
6.3
2.8
10.2
10.2
8.2
1.2
-11.2
Source: MOSL, Company
Source: MOSL, Company
Exhibit 3: E-auction realization were up 4% QoQ…
Volumes (m tons)
Realization (INR/ton)
Exhibit 4: Washed coal realizations were broadly flat QoQ
Volumes (m tons)
Realization (INR/ton)
3.3 3.4 6.2 3.3 3.2 4.0 3.6 3.3 3.2 3.4 3.0 3.0 2.8 3.0 3.2 3.4 3.1 3.7
Source: MOSL, Company
Source: MOSL, Company
Exhibit 5: FSA realization were down 1% QoQ
Volumes (m tons)
Realization (INR/ton)
85 83
9693 88 79 94 102 95 87 106 110 98 92 98 109 99 96 115 116 109 103 116
Source: MOSL, Company
11 February 2016
2

Coal India
Exhibit 6: Cash EBITDA was flat YoY (INR/t)
Cash EBITDA (ex-OB adjustment) per ton
Exhibit 7: Cash cost was down 4% YoY (INR/t)
Cash cost (ex-OB adjustment) per ton
Source: MOSL, Company
Source: MOSL, Company
Exhibit 8: Operating metrics
Key Operational metrics
Volume (m tons)
Production
Sales/Offtake
- Regulated
- E-auction
- Washed Coal
- Own Consumption
Blended Realisation (INR/ton)
- Regulated
- E-auction
- Washed Coal
- Own Consumption
Per ton summary (INR/ton)
Revenue
cash EBIDTA
PAT
Costs
1QF15
108.3
119.6
99.2
16.8
3.0
0.7
2QF15
102.4
110.5
96.1
10.6
2.8
0.8
3QF15
131.6
124.6
115.0
5.6
3.0
1.0
4QF15
151.9
133.7
115.7
13.9
3.2
2.1
1QF16
121.4
129.4
109.0
16.0
3.4
1.0
2QF16
108.2
121.8
103.0
14.7
3.1
0.9
3QF16
144.0
137.3
116.4
15.2
3.7
2.0
4QF16
160.5
146.4
126.1
15.0
3.2
2.1
FY16
534.0
534.9
454.6
60.9
13.4
6.0
YoY
9%
10%
1%
171%
22%
104%
QoQ
33%
13%
13%
3%
17%
125%
1,320
2,246
2,393
3,435
1,260
2,496
2,442
3,133
1,295
3,134
2,620
3,397
1,422
2,386
1,972
1,741
1,318
2,184
2,229
3,324
1,294
1,788
2,328
2,888
1,277
1,866
2,369
2,030
1,436
1,850
2,000
2,350
1,335
1,927
2,236
2,489
-1%
-40%
-10%
-40%
-1%
4%
2%
-30%
1,488
415
336
1,073
1,419
237
198
1,182
1,426
361
263
1,065
1,554
522
316
1,032
1,465
393
293
1,071
1,392
207
207
1,186
1,382
359
268
1,023
1,504
516
299
988
1,438
376
269
1,062
-3%
0%
2%
-4%
-1%
74%
30%
-14%
Source: MOSL, Company
11 February 2016
3

Coal India
Valuations and view
Volume at an inflection point:
After a hiatus of four years, coal production has begun to accelerate.
While COAL’s 1b ton target by FY20 appears ambitious, our detailed major mine-
wise analysis suggests 10% CAGR over FY15-20 to ~780m tons.
Adjusted EBITDA growth of 16% CAGR FY16-20E; dividend yield is attractive
Adjusted EBITDA will increase to INR393b by FY20E from INR220b in FY16E - a
CAGR of 15.6% over the period. EBITDA/t will increase to INR503 from INR411
on operating leverage and better mix.
FCF yield over FY16-20 will be 4-10% and dividend payout will be 90%. Attractive
dividend yield will drive premium rating.
Valuations and view
We believe that volume growth is at inflection point. Accelerated volume
growth and natural attrition will bring productivity gains, while rising share of
outsourcing will be deflationary.
We expect earnings CAGR of ~15% over FY16-20E. Reiterate BUY. The stock
trades at PER 12x and P/B of 4.4x on FY17E basis.
Key monitorable/triggers
Volume growth ramp-up in FY17E, rake availability
Price hike for Power / Non-power category
E-auction/Washed coal volume and realization
Wage hike in FY17E
Key risks
Stiff timelines for execution – milestone to commissioning of railway lines
Global coal prices
We factor ~INR100/t increase in FSA prices in FY17 in lieu of employee wage
increase. If this does not happen we see a risk of ~20% to our FY17E EBITDA.
Exhibit 9: Metal sector valuation
Rating
Steel
Tata Steel
JSW Steel
JSPL
SAIL
Non-Ferrous
Hindalco
Nalco
Vedanta
Mining
Coal India
Hindustan Zinc
NMDC
Sell
Buy
Netural
Sell
Buy
Buy
Neutral
Buy
Buy
Sell
Price MCAP
(INR) (USD M)
225
1,004
55
36
64
33
62
305
162
79
3,220
3,576
741
2,191
1,937
1,234
2,723
28,385
10,068
4,632
FY15
2.9
74.5
6.9
5.2
13.5
4.8
20.5
21.7
19.4
16.6
EPS
FY16E
-4.8
-14.5
-27.5
-12.8
-1.6
2.4
6.3
22.9
17.8
8.3
FY17E
-8.5
114.5
-16.0
-15.0
7.5
2.4
1.8
25.4
13.5
6.6
P/E (x)
FY16E FY17E
-47.2
-69.1
-2.0
-2.8
-40.8
13.5
9.8
13.3
9.1
9.6
-26.6
8.8
-3.4
-2.4
8.5
13.8
34.8
12.0
12.0
12.0
EV/EBITDA (x)
FY16E FY17E
15.4
13.0
14.9
-17.2
8.0
4.0
7.1
6.4
5.0
4.1
8.5
6.1
11.2
-40.9
6.7
4.0
7.7
5.7
5.8
6.6
P/B(x)
FY15 FY16E
1.2
1.1
0.2
0.3
0.6
0.7
0.3
4.8
1.6
1.0
1.2
1.2
0.3
0.4
0.6
0.6
0.4
4.6
1.4
0.9
Source: MOSL, Company
11 February 2016
4

Coal India
E-auction monthly monitor – December 15
Exhibit 10: Monthly E-auction allocated quantity
Allocated (mt)
Exhibit 11: Monthly E-auction offered quantity
Offered (mt)
Source: ICMW
Source: ICMW
Exhibit 12: Average E-auction realization – INR/t
Avg. realization - INR/t
Exhibit 13: Realization trend – CIL v/s. exchanges
E-auction real. - CIL - INR/t
3,100
2,700
2,300
1,900
1,500
Source: ICMW
Source: ICMW
Exhibit 14: Average realization (G1-G8 grade)
Act. Real. (G1-G8) - INR/t
at reserve price - INR/t
Exhibit 15: Average realization (G9-G17 grade)
Act. Real. (G9-G17) - INR/t
at reserve price - INR/t
Source: ICMW
Source: ICMW
Exhibit 16: Share (%) of high grade in allotted mix
Allocated (higher grade) as % of total qty. allocated
Exhibit 17: Realized premium over reserve price and RB
Index
Realn. premium - INR/t
82.9
61.5
53.0
Richards Bay - USD/t
11 February 2016
5

Coal India
Source: ICMW
Source: ICMW
Operational metrics (Yearly)
Exhibit 18: Operating metrics (yearly) – INR m
Revenue
Power FSA
Non Power FSA
Eauction/MoU
Sales (mt)
YoY (%)
Power FSA
Share (%)
Non Power FSA
Eauction/MoU
Revenue per ton
YoY (%)
Power FSA per ton
Non Power FSA per ton
Eauction per ton
Cost of Mining (ex. OB prov.)
CoP per ton
YoY (%)
Labor & social OH per ton
Contract per ton
Repair and Maintenance
Others
Adjusted EBIDTA
Power FSA
Share (%)
Non Power FSA
Share (%)
Eauction/MoU
Share (%)
EBITDA per ton
YoY (%)
Power FSA per ton
Non Power FSA per ton
Eauction per ton
FY12
637,915
384,842
73,766
179,306
433
2
312
72
50
70
1,473
21.5
1,233
1,474
2,544
430,537
995
24.0
617
113
142
122
207,378
74,279
36
23,945
12
109,154
53
479
16
238
478
1,549
FY13
697,718
441,472
85,219
171,026
464
7
342
74
55
67
1,504
2.1
1,291
1,543
2,556
470,174
1,013
1.8
602
125
148
138
227,544
95,065
42
29,267
13
103,211
45
490
2
278
530
1,542
FY14
705,076
467,751
67,004
170,322
472
2
354
75
42
75
1,496
-0.5
1,322
1,579
2,261
495,603
1,051
3.7
604
145
170
132
209,473
95,896
46
22,412
11
91,165
44
444
-9
271
528
1,210
FY15
740,416
517,954
65,140
157,321
489
4
385
79
41
63
1,516
1.3
1,344
1,604
2,482
529,580
1,082
3.0
617
174
171
120
210,836
100,896
48
21,205
10
88,735
42
431
-3
262
522
1,400
FY16E
789,161
535,641
88,029
165,492
535
9
400
75
55
80
1,478
-2.5
1,341
1,601
2,061
569,085
1,064
-1.7
578
202
156
129
220,076
110,513
50
29,508
13
80,055
36
411
-4
277
537
997
FY17E
903,231
609,698
113,391
180,142
576
8
420
73
60
95
1,569
6.2
1,451
1,890
1,890
654,359
1,137
6.9
635
214
157
131
248,872
131,939
53
45,171
18
71,762
29
432
5
314
753
753
FY18E
1,022,977
651,121
122,840
249,017
646
12
449
70
65
132
1,585
1.0
1,451
1,890
1,890
712,311
1,103
-2.9
578
243
153
130
310,666
155,939
50
51,113
16
103,614
33
481
11
348
786
786
FY19E
1,141,677
708,412
132,289
300,975
717
11
488
68
70
159
1,591
0.4
1,451
1,890
1,890
776,004
1,082
-2.0
529
272
150
130
365,673
180,367
49
56,580
15
128,726
35
510
6
369
808
808
FY20E
1,242,886
770,307
141,738
330,841
781
9
531
68
75
175
1,592
0.0
1,451
1,890
1,890
850,120
1,089
0.6
494
313
150
131
392,766
192,400
49
60,095
15
140,271
36
503
-1
362
801
801
Source: MOSL, Company
11 February 2016
6

Coal India
Story in charts
Exhibit 19: Production to grow by 10% CAGR over FY15-20E
Production (m ton)
Exhibit 20: Power disp. growth 7% CAGR over FY15-20E (mt)
Power (FSA)
Non-power
531
488
449
403 420
354 385
342
299 304 312
250
197 229
155
116 119 121 122 118 104 133
Source: MOSL, Company
Source: MOSL, Company
Exhibit 21: FSA price realization - INR/t
Power FSA
In lieu of
wage
negotiation
1,451
1,344 1,451
1,291
1,451
1,451
1,341
1,322
1,233
Exhibit 22: Non-power price realization - INT/t
E-auction
Non-power FSA
Washed coal
2,544
2,556
2,261
1,046
983
2,482
2,061
1,890
1,890
1,957
1,966
Source: MOSL, Company
Source: MOSL, Company
Exhibit 23: Contracting % of prod. to inc. to ~65% by FY20E
Contracting share of production (%)
58
55 57
61
64 65
Exhibit 24: and is ~70% cheaper than in-house (INR/t)
Employee cost per ton of in-house prod.
Contracting per ton of contracted prod.
1,135
1,230
1,302 1,508
1,447
26
30
35
40
44 45 47
49 51
695 802
196
396 427 479
237 241 259 290 313 356 367
Source: MOSL, Company
Source: MOSL, Company
11 February 2016
7

Coal India
Story in charts
Exhibit 25: Net attrition rate (%)
Net attrition rate (%)
3.7
3.0
3.2
3.5
4.1
3.8 3.9
3.7
3.4 3.5 3.5
Exhibit 26: Cost per ton to be flattish - INR/t
Cost per ton
3.1
1.8
Source: MOSL, Company
Source: MOSL, Company
Exhibit 27: EBITDA to almost double by FY20E
Adj. EBITDA - INR b
311
207
228
209 211 220
249
366
393
Exhibit 28: PAT growth of ~14% over FY16-20E
PAT - INR b
162
98 110
43
56
178
198
160
137 145
160
233
248
148
88
63
175
Source: MOSL, Company
Source: MOSL, Company
Exhibit 29: Strong FCF despite higher capex
FCF - INR b
165
103 95
125
114
67
104 95
128
71
81
172
200
Exhibit 30: Dividend yield to protect downside
9.5
Dividend yield (%)
7.7
6.8
5.6
6.2
9.1
9.7
FY14
Source: MOSL, Company
FY15
FY16E
FY17E
FY18E
FY19E
FY20E
Source: MOSL, Company
11 February 2016
8

Coal India
Financials and Valuations
Income Statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2011
502,336
7.6
136,464
27.2
17,654
118,810
737
49,615
-2,162
165,525
55,959
33.8
0
109,566
110,202
12.1
2011
63,164
269,978
333,142
13,664
-11,941
335,191
376,253
238,708
137,546
11,459
10,637
668,364
55,856
34,189
458,064
120,254
492,815
492,815
0
175,549
335,191
2012
624,154
24.3
156,679
25.1
19,692
136,986
540
76,150
911
213,508
64,845
30.4
0
148,664
162,386
47.4
2012
63,164
341,366
404,530
13,054
-11,941
406,179
380,964
246,561
134,403
29,034
19,814
874,731
60,713
56,630
582,028
175,360
651,803
651,803
0
222,928
406,179
2013
683,027
9.4
180,836
26.5
18,130
162,707
452
88,373
69
250,697
76,227
30.4
0
174,470
177,530
9.3
2013
63,164
421,556
484,720
10,778
-22,550
473,584
390,107
255,449
134,658
34,960
23,950
999,590
56,178
104,802
622,360
216,249
719,573
719,573
0
280,017
473,584
2014
688,100
0.7
159,632
23.2
19,964
139,668
580
89,694
14
228,795
77,679
34.0
0
151,116
159,881
-9.9
2014
63,164
360,881
424,045
1,715
-19,717
406,678
414,795
266,951
147,844
43,158
37,749
793,955
55,681
82,410
523,895
131,969
616,028
616,028
0
177,927
406,678
2015
720,146
4.7
152,300
21.1
23,198
129,102
73
86,761
50
215,839
78,573
36.4
0
137,266
137,316
-14.1
2015
63,164
340,367
403,531
4,019
-19,591
388,617
448,080
286,929
161,150
51,594
28,134
844,940
61,838
85,219
530,925
166,958
697,201
697,201
0
147,739
388,617
2016E
767,232
6.5
161,008
21.0
24,398
136,610
69
82,384
0
218,925
74,413
34.0
0
144,513
144,513
5.2
2016E
63,164
354,818
417,982
4,019
-19,591
403,068
508,080
311,327
196,752
71,594
28,134
841,390
63,060
90,386
520,986
166,958
734,802
734,802
0
106,588
403,068
2017E
879,635
14.7
183,920
20.9
25,598
158,322
65
81,129
0
239,387
78,974
33.0
0
160,413
160,413
11.0
2017E
63,164
370,860
434,023
4,019
-19,591
419,110
568,080
336,925
231,154
91,594
28,134
845,802
72,299
103,628
502,917
166,958
777,575
777,575
0
68,227
419,110
(INR Million)
2018E
996,512
13.3
237,980
23.9
26,798
211,182
61
80,228
0
291,349
93,202
32.0
0
198,146
198,146
23.5
Balance Sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
(INR Million)
2018E
63,164
390,674
453,838
4,019
-19,591
438,924
628,080
363,723
264,356
111,594
28,134
860,108
81,905
117,397
493,848
166,958
825,268
825,268
0
34,840
438,924
11 February 2016
9

Coal India
Financials and Valuations
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/EBITDA
Dividend Yield (%)
EV /ton of Reserves
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2011
17.4
24.4
52.7
3.9
30.5
18.0
12.9
6.0
8.8
1.2
70.8
32.9
55.1
1.5
25
41
5
-1.3
2011
136,464
44,553
4,662
-55,959
0
129,720
-16,153
113,567
2,183
0
-13,970
-766
-5,967
0
-41,730
-48,463
67,287
390,778
458,064
2012
25.7
34.7
64.0
10.0
46.2
12.2
9.1
4.9
6.8
3.2
65.1
36.7
57.7
1.5
33
36
5
-1.4
2012
156,679
73,597
35,647
-67,044
0
198,879
-34,094
164,784
-9,177
42,177
-1,094
0
-2,474
-540
-70,808
-73,821
123,963
458,064
582,028
2013
28.1
36.0
76.7
14.0
57.3
11.2
8.7
4.1
6.0
4.5
63.1
36.0
57.1
1.4
56
30
4
-1.3
2013
180,836
65,165
-68,387
-86,520
0
91,094
-24,540
66,554
-4,136
56,433
27,758
0
-2,287
-452
-75,781
-78,520
40,332
582,028
622,360
2014
25.3
33.7
67.1
29.0
132.2
12.4
9.3
4.7
7.0
9.2
67.2
35.6
52.1
1.7
44
30
4
-1.2
2014
159,632
71,437
2,442
-88,264
0
145,247
-41,164
104,083
-13,799
64,754
9,791
0
-12,634
-580
-240,289
-253,503
-98,465
622,360
523,895
2015
21.7
31.5
63.9
20.7
112.9
14.4
10.0
4.9
6.9
6.6
67.0
34.0
54.3
1.9
43
31
5
-1.3
2015
152,300
80,749
6,487
-95,721
0
143,815
-49,014
94,801
9,615
52,871
13,472
0
1,935
-73
-152,119
-150,257
7,030
523,895
530,925
2016E
22.9
32.6
66.2
17.2
90.0
13.7
9.6
4.7
6.7
5.5
67.5
34.6
55.3
1.9
43
30
5
-1.2
2016E
161,008
70,413
-5,928
-74,413
0
151,080
-80,000
71,080
0
49,111
-30,889
0
0
-69
-130,061
-130,130
-9,939
530,925
520,986
2017E
25.4
36.0
68.7
19.0
90.0
12.4
8.7
4.6
6.0
6.1
68.3
37.0
58.2
2.1
43
30
5
-1.1
2017E
183,920
76,899
-21,064
-78,974
0
160,781
-80,000
80,781
0
45,586
-34,414
0
0
-65
-144,372
-144,436
-18,069
520,986
502,917
2018E
31.4
42.9
71.9
23.5
90.0
10.0
7.3
4.4
4.8
7.5
68.7
43.7
67.9
2.3
43
30
5
-1.1
Cash Flow Statement
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
(INR Million)
2018E
237,980
84,957
-21,902
-93,202
0
207,832
-80,000
127,832
0
41,491
-38,509
0
0
-61
-178,332
-178,392
-9,069
502,917
493,848
11 February 2016
10

Coal India
Corporate profile
Company description
Coal India Limited (CIL) is a leading public sector
undertaking engaged into coal mining in India and is
working on establishing its footprint globally through
MoUs/acquisition route. CIL operates through its 9 wholly
owned subsidiaries, of which 1 subsidiary is engaged in
exploration and feasibility study analysis. CIL has total
resources of 64.3b tonnes and proved reserves of 52.4b
tonnes, of which extractable reserves stand at 21.7b
tonnes
Source: MOSL/Bloomberg
Exhibit 1: Sensex rebased
Exhibit 2: Shareholding pattern (%)
Promoter
DII
FII
Others
Sep-15
79.7
8.4
9.0
2.9
Jun-15
79.7
8.6
9.2
2.6
Sep-14
89.7
3.0
5.4
2.0
Exhibit 3: Top holders
Holder Name
Life Insurance Corporation Of India
The Income Fund Of America
% Holding
6.7
1.0
Note: FII Includes depository receipts
Source: Capitaline
Source: Capitaline
Exhibit 4: Top management
Name
Sutirtha Bhattacharya
C K Dey
BK Saxena
M Viswanathan
Designation
Chairman
&
Managing
Director
Director (Finance)
Director (Marketing)
Company Secretary
Exhibit 5: Directors
Name
R Mohan Das
A K Debnath
D C Panigrahi
Loretta Mary Vas
Vinod Jain
Sujata Prasad
Name
Nagendra Kumar
A N Sahay
Khanindra Pathak
Satish Balaram Agnihotri
A K Dubey
Source: Capitaline
Exhibit 6: Auditors
Name
Chaturvedi & Co
Musib & Co
Vinod Kothari & Co
Type
Statutory
Cost Auditor
Secretarial Audit
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY16
FY17
FY18
MOSL
forecast
23.2
27.4
30.7
Consensus
forecast
24.0
27.2
30.6
Variation (%)
-3.2
0.8
0.3
Source: Bloomberg
Source: Capitaline
11 February 2016
11

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COAL INDIA LTD
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