29 June 2020 Coal India (COAL)s results highlight the impact of lower e-auction realizations and flattish volumes amid subdued thermal power demand. FSA realizations, though, have continued the improvement demonstrated over the past year on account of better grade quality. Muted power demand would impact off-take and e-auction realizations in the near term. However, we expect Coal India to tide over the situation price of INR189/sh based on 3.5x Sep21 EV/EBITDA. ~INR66b) due to lower e-auction realizations and muted power off-take. The beat on our estimates was driven by better-than-expected FSA realizations and a higher mix of e-auctions in the off-take. Volumes were flat YoY at ~164mt (in-line). Cash cost (ex-OBR) decreased 1% YoY at INR981/t. FSA volumes declined 2% YoY to 139.2mt. Realizations came in higher grade realization. E-Auction volumes rose 26% YoY to 21mt. Conversely, realizations were down 24% YoY to INR2,105/t.