At current level, the company is attractively trading at ~2.6x FY22 EV/EBITDA and 5.3x FY22 P/E. We reiterate our BUY rating with a roll forward target price of Rs. 202 based on 3.5x FY22E EV/EBITDA. FSA sales volume boosts topline QoQ Coal India's Q3FY20 revenue grew 13.8% QoQ to Rs. 23,190cr (-7.4% YoY), primarily driven by higher revenue from FSA and other operating income, which increased 20.6% QoQ and 16.3% QoQ, respectively. E-Auction's revenue declined 17.5% QoQ (38.1% YoY) due to lower sale volume of 9.8mt (-36.5% QoQ; -32.8% YoY), partially offset by higher average realization at Rs. 2,623/t (+29.9% QoQ; -7.9% YoY). FSA's...