Coal India shares fall over 3% after Q4 results. Should you buy or sell?

Coal India’s shares fell by 3.2% to Rs 230 on Monday after reporting an 18% YoY decline in consolidated net profit for Q4 FY23 at Rs 5,528 crore. However, for FY23, the state-owned Maharatna firm posted a massive 62% YoY growth in profit after tax at Rs 28,125 crore. Despite provisioning a massive Rs 8,153 crore towards wage revision for non-executive manpower, higher volume sales and increased premiums in e-auction bolstered the company’s profitability. While Jefferies retained a hold rating, Motilal Oswal retained a buy rating for Coal India.