Brokerages remained bullish on Coal India after the company's net profit rose over 4-fold, beating Street expectations on the back of higher sales and lower expenses. Global brokerages, CLSA and Citi remained bullish on the stock and raised its target price for a 12-month period post these numbers. The stock rose over 4 percent in intra-day deals today.

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The company reported a massive 362 percent increase in its consolidated net profit at Rs 6,024 crore for the quarter ended March 2019 as against Rs 1,303 crore in the year-ago period. Revenue from operations for Q4 rose 7.5 percent to Rs 28,546 crore as against Rs 26,548 crore in March 2018. Total expenses declined to Rs 21,473.1 crore during Q4FY19 over Rs 27,396.5 crore in Q4FY18.

The PAT for FY19 was up 148 percent at Rs 17,462 crore, versus Rs 7,038.44 crore in FY18. Consolidated total revenue of the company increased to Rs 1,05,420.62 crore from Rs 91,625.25 crore reported during the last fiscal, registering a growth of 15 percent.

CLSA sees a 15 percent return from the stock after its Q4 EBITDA came in higher than estimates, led by better-than-expected realisations. The stock is at a reasonable 10x FY20 PE with an attractive 8 percent dividend yield, the brokerage said, adding that it is a defensive play amidst global headwinds in the resources sector.

The brokerage maintained a 'buy' rating on the stock and raised its price target to Rs 290 per share from Rs 275 earlier and see a flattish EPS over FY19-21.

Citi is also positive on the stock and expects a 26 percent return. The brokerage has a buy call on the stock and increased price target to Rs 320 from Rs 300 as the company offers an attractive dividend yield.

"We value the company at a premium given resource base and limited exposure to global volatility," it added.

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