Volume Enthuses but Margin Disappoints; Reiterate BUY MOIL has reported a mixed performance in 1QFY18. While blended sales realisation increased by 51.5% YoY (down 14.9% QoQ) to Rs9,628/tonne (missing our estimate of Rs9,809/tonne), sales volume rose by 20.9% YoY and 42.1% QoQ to 3.07 lakh tonne topping our estimate of 2.75 lakh tonne. Notably, the impact of price cuts undertaken in Jan-Feb'17 was felt in 1QFY18. Further, MOIL liquidated substantial inventory in 1QFY18, as the production at 2.68 lakh lagged sales by a decent margin. Though its EBITDA remained sequentially flat (up 388% YoY) to Rs1.21bn (vs. our estimate of Rs1.5bn), EBITDA margins fell by 1,247bps QoQ to 35.7% (vs. our...