We maintain our recommendation and TP of 445/sh (5.0x June 19 EV/EBITDA). MOIL's revenues were ahead of estimates (5.6% beat), driven by better volumes (307 kT, 20.9% YoY, 42.1% QoQ). However, EBITDA missed estimates (Rs 1.21bn vs est 1.61bn, 3.5x/flat YoY/QoQ), owing to lower realisations (Rs 9,628/t, 49.9/-14.9% YoY/QoQ, est Rs 11,739), higher other expenses and employee costs (12.4/2.2% YoY/QoQ). Inventory liquidation (39kT, mostly lower grades) drove lower realisations and higher sales volumes. Despite the miss, this is another strong quarter, given the Rs 1.2bn EBITDA run-rate. The board declared a 1:1 bonus as well.