Maintain BUY with a TP of Rs 300 (7.0x June 19 EV/EBITDA). Coal Indias (CIL) recent performance has been uninspiring: flat offtake, lowest FSA realisations since 3QFY12 despite prices hikes, and weak e-auction premia. This has weighed on the numbers with LTM EBITDA down 27% and adjusted PAT (ex-OBR provisions) down 25% YoY. Coal offtake should improve hereon, given restocking demand from power plants. Third party sampling for 100% of its dispatches, lower taxation and continued discounts given to landed parity prices should ensure bottoming out of realisations.