Mixed Quarterly Performance; Volume to Remain Strong MOIL has reported a mixed performance in 4QFY17. Its blended sales realisation zoomed 119% YoY and 20.4% QoQ to Rs11,309/tonne (vs. our estimate Rs9,250), while sales volume fell by 43% YoY and 38% QoQ to 2.16 lakh tonne vs. our estimate of 3.55 lakh tonne. Notably, MOIL liquidated substantial inventory in 3QFY17, as production at 2.72 lakh lagged sales by a wide margin. Though its EBITDA declined by 7% QoQ to Rs1.21bn (vs. Rs57mn loss in 4QFY16), EBITDA margins rose by 1,134bps YoY to 48.2% (vs. our estimate of 39.8%). Adjusted PAT surged by 442% YoY and 14.2% QoQ to Rs1.15bn (vs. our estimate of Rs1.28bn) despite other income rising...