Maintain BUY with a TP of Rs 305 (7.5x Sep-19 EV/EBITDA). Coal Indias (CIL) 2QFY18 results were below estimates (EBITDA at Rs 6.19bn vs est 14.65bn, 2x/(77.7% YoY/QoQ). The miss was mainly driven by higher employee expenses (Rs 91.55bn, 8.9/13.4x YoY/QoQ), which also included a provision of Rs 23bn towards wage settlement, finalized in October 2017. Contractual expense, the other key cost head, was sharply lower (Rs25.52bn, 7.9/(17.6)% YoY/QoQ). This might indicate lower pre-stripping and is likely a one-off.