ff Higher Employee Cost Drags Operating Margins: CIL's EBITDA declined by 39.2% YoY to Rs33.8bn primarily due to 17.7% YoY rise in employee cost and a one-time provisioning of Rs8bn towards grade slippage claims in FY17. Thus, EBITDA margins declined 1,070bps YoY to 13.6% on the back of 34.7% rise in other expenses. Notably, higher e-auction volume was offset by lower-than-expected e-auction realisation. However, cost per tonne increased by...