Coal India (CIL) results were below estimates (EBITDA Rs 44.9bn vs. est Rs 58.3bn) as e-auction volumes halved (4.5% off-take vs 12.9% YoY and 9.6% QoQ). However, FSA volumes jumped 17.5% YoY (up 8% YTD) even as overall off-take growth remains moderate (3.8% YoY).