Projected FY 2021-22 and Final dividends, page-5

Management understand that SP is undervalued and buyback will support the SP. There are no major capital expenditure plan in short term, two large greenfield projects may start from FY 2024 depending upon the approval.

Franking credit May start from next FY 2022-23 as well. It is a tough decision between large dividend payout or buyback program. Companies like YAL,CRN,NHC will go for large dividend payout but WHC May look for both buyback and a reasonable dividend payout. How ever all coal companies are huge cash generating machines for current and next FY 2022-23. I feel that FY 2022-23 will be much bigger cash generation compared to current year due to continued elevated coal prices due geo political reasons.
DYOR.