Off-take & Realisation to Improve on Likely Demand Revival In line with our estimate, consolidated net sales of Coal India (CIL) rose by 4.2% YoY to Rs181bn in 2QFY18 driven by higher coal off-take (+13.6% YoY), which was off-set by 8.2% YoY fall in average realisation. Despite 56.7% YoY surge in EBITDA to Rs12.3bn led by higher volume, higher e-auction prices and lower operating cost, its PAT fell by 39.8% YoY to Rs3.6bn. Looking ahead, we expect CIL's RoE & RoCE would improve on the back of higher realisation, improvement in margins and optimum utilisation of assets. Expecting meaningful revival in demand, we...