Tax rate fell by 1100bps to 28% as its five subsidiaries adopted new rate Coal India (COAL) reported Q2FY20 EBITDA above our estimates by 9% on the back of better than expected FSA realisations. Though the performance on volumes remained disappointing, company succeeded to offset the impact partially by enhancing FSA realisations through improvement in grades and higher realisations on auction of linkages in non-power segment. Admittedly, volume growth would hold the key as the performance stands unjustified in light of two major rail lines (loading incremental 20mtpa or 3.5% growth over...