In-line Performance; Earnings Likely to Witness Sharp Improvement Consolidated reported PAT of Coal India (CIL) increased by 61% YoY to Rs37.8bn while net revenue grew by 26.6% YoY to Rs242.6bn owing to higher FSA realisation (+9.3% YoY to Rs1,313/tonne) led by improved e-auction realisation (+51% YoY to Rs2,399/tonne), healthy volume growth (+10.9% YoY to 153.4mt) and price hike benefit. Looking ahead, we expect CIL's profitability to witness sharp improvement backed by price hike benefit, while all operational negatives have already been factored in. Further, its RoE is expected to improve on the back of higher realisation, improved margin and optimum utilisation of assets. We maintain our BUY recommendation...