12 November 2019 INR191b) in 2QFY20 due to lower sales volumes (-11% YoY at ~122mt, in-line). However, FSA realization was up 12% YoY on account of higher sales to the non-power sector and lower grade slippage. Cash cost (ex-OBR) increased 8% YoY to INR1,318/t, given negative operating leverage on lower volumes. The companys wage bill was up 1% YoY at INR90.7b. The beat was driven by increased FSA realization and higher-than-expected e- auction volumes. PBT declined 16% YoY to INR42.8b. Adj. PAT, however, was up 14% YoY to For 1HFY20, adj. EBITDA/PBT were up 1% YoY at INR117b/INR113b. Adj. PAT increased 19% YoY to INR81.5b on a lower tax rate. Cash flow from operations post tax though was down 46% YoY at INR49.