Bharat Coking Coal (BHARATCOAL) Q4 23/24 earnings summary

Executive summary

• FY 2023-24 delivered record raw coal production of 41.10 Mt, up 13.59% YoY, and record offtake of 39.27 Mt, up 10.42% YoY.

• Net sales reached ₹13,216.17 crore and PAT ₹1,564.46 crore; profits eliminated accumulated losses and enabled a first preference-dividend recommendation.

• Results reflect stronger volumes and operating efficiency, alongside a material change in stripping-activity accounting that affected reported profit comparisons.

Financial highlights

• FY revenue from operations was ₹14,113.31 crore vs ₹13,280.93 crore; total income was ₹14,507.08 crore vs ₹13,707.40 crore.

• FY EBITDA was ₹2,493.89 crore vs ₹891.31 crore; PBT was ₹2,091.67 crore vs ₹530.19 crore; PAT was ₹1,564.46 crore vs ₹664.78 crore.

• Q4 revenue from operations was ₹3,600.98 crore vs ₹3,509.73 crore; Q4 PAT was ₹205.57 crore vs ₹418.46 crore, with stripping-activity adjustment of (₹268.70 crore).

• FY EPS was ₹335.94 vs ₹142.75; total comprehensive income was ₹1,517.82 crore vs ₹530.13 crore.

• Operating cash flow was ₹1,158.10 crore vs ₹1,648.52 crore; closing cash and cash equivalents were ₹326.31 crore vs ₹586.62 crore.

Outlook and guidance

• Production roadmap: 45 Mt in FY 2024-25, 50 Mt in FY 2025-26 and 53 Mt in FY 2026-27; FY 2024-25 production target is also shown as 45 Mt.

• Expansion priorities include new opencast blocks, underground projects, highwall mining and MDO-led reopening of discontinued mines; Block-E OCP is approved at 15 Mtpa with ₹5,850.83 crore sanctioned capital.

• Washed-coal capacity expansion and new washery projects are intended to raise domestic supply to steel customers; 285 MW of solar capacity is targeted by FY 2025-26 in the industry outlook.

• Solar plans include 2.48 MW of installation in FY 2024-25, following solar additions reported during FY 2023-24.