Can you apply conservation of energy for electromagnetic induction?

Explanation

1) We know when a bar magnet is pushed towards a coil with its north pole facing the coil an induced current is set up in the coil .
2) The north pole of the magnet induces north polarity in the coil,as a result there will be a repulsive force between coil and magnet.
3) Hence we need to do work to overcome this force.
4) This workdone on the magnet is converted into electrical energy in the coil,as a result an induced current is produced in anticlock wise direction with respect to north pole of the bar magnet.
5) In this way conservation of energy takes place in a electromagnetic induction.