We expect profitability to recover further in 4QFY22, led by strong e-auction premiums, which breached the 100% mark after 12 quarters in Jan-Feb'21. We raise our FY22E/FY23E adjusted EBITDA by 4%/15%, led by higher eauction premium and increase our TP to INR217 (from INR200 earlier), valuing COAL at 4x FY23E EV/EBITDA. The company is a key beneficiary of...