MOIL posted mixed set of numbers in 1QFY17. While realization saw a sequential up-tick, volumes came in below our estimate. Sales volume fell 33% qoq (+5% yoy) to 0.254mnT (vs. our estimate of 0.275mnT), while blended realization rose by 24% qoq (-8% yoy) to Rs6,418/tonne marginally lower than our estimate of Rs6,650/tonne. Notably, realization was the highest in 4 quarters. Its EBITDA fell 57% yoy to Rs342mn (vis--vis EBITDA loss in 4QFY16), which missed our estimate of Rs669mn due to lower-than-estimated volume and realization. Besides lower realization, MOIL saw certain one-off costs pertaining to superannuation...