Coal India (CIL) reported a strong operating performance (EBITDA Rs 69.7bn, 5.4% YoY). This was driven both by off-take volumes (up ~3.7% YoY) and realisations (flattish despite lower e-auctions volumes YoY). On a sequential basis however, e-Auction volumes revived (10.3% vs 4.9% in 3Q) back to normal.