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Coal India’s FSA realizations are a sore spot

Coal India Ltd’s (CIL’s) December quarter consolidated net profit rose 4% to Rs3,005 crore and is better than expectations. In fact, last quarter’s earnings looks encouraging when compared to the decline in profit seen in the June and September quarters. However, the pain lies elsewhere. Average price realizations of coal sold through the fuel-supply agreement (FSA) route fell 3.4% quarter-on-quarter to Rs1,182 a tonne. The measure was below estimates and comes at a time when the marginal sequential improvement in the September quarter FSA realizations had hinted that the worst was over. Motilal Oswal Securities Ltd believes December quarter FSA decline in price realizations was owing to lower dispatches to non-power customers (these fetch .....

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