Strong performance in Q3 adds fuel to Coal India Limited's stock

Coal India Limited’s (CIL) October-December quarter of financial year 2023-24 (Q3FY24) results have beaten the Street’s estimates. Revenue rose 3 per cent year-on-year (Y-o-Y) to Rs 36,200 crore, led by higher volumes and better realisation from Fuel-Supply Agreement (FSA) coal. The blended average selling price (ASP) was down 6 per cent Y-o-Y to Rs 1,727 per tonne, and the FSA ASP was up 3 per cent Y-o-Y to Rs 1,532 per tonne.

The e-auction ASP declined 34 per cent Y-o-Y to Rs 3,321 per tonne, which was at a premium of 117 per cent over FSA. The e-auction premium moves in