MOIL continued to report a mixed performance in 2QFY18. While blended sales realisation increased by 81% YoY (+8% QoQ) to Rs10,404/tonne (vs. our estimate of Rs9,965/tonne), sales volume declined by 14.8% YoY and 13.7% QoQ to 2.65 lakh vs. our estimate of 3.25 lakh tonne. Notably, the impact of price hikes undertaken in 1QFY18 was witnessed in 2QFY18. Also, MOIL had liquidated substantial inventory in 1QFY18, as the production at 2.68 lakh lagged sales by a decent margin. The same trend was also seen in 2QFY18 as production lagged sales, however the margin has narrowed. EBITDA surged by 547% YoY (-3.9% QoQ) to Rs1.16bn vs. our estimate of Rs1.55bn due to lower sales, while EBITDA margin expanded by 3,145bps...