5 September 2020 Coal Indias (COAL) 1QFY21 results highlight the impact of lower volumes/ e-auction realizations amid subdued thermal power demand. Adj. EBITDA (ex-OBR) was down 63% YoY. Muted power demand has impacted off-take and e-auction realizations. However, we expect Coal India to tide over the situation given its large cash INR190/share based on 3.5x Sep21 EV/EBITDA. 1QFY21 Adj. EBITDA (ex-OBR) was down 63% YoY to INR28b (in-line) on account of lower off-take/e-auction realizations. While FSA realization at INR1,359/t was below our est. INR1,400/t, it was offset by higher mix of e- auction volumes at 15.9mt (v/s est. Revenue declined 26% YoY to ~INR185b (v/s est.