MOIL posted mixed set of numbers in 4QFY16. Its volume grew ahead of our estimate, but at the cost of realization, which stood at the lowest level since FY07. Sales volume rose by 44% yoy & 111% qoq to 2.87 lakh tonne v/s our estimate of 2.1 lakh tonne. Blended realization fell 39% yoy & 19% qoq to Rs4,639/tonne v/s our estimate of Rs6,350. MOIL posted Rs258mn EBITDA loss in 4QFY16 v/s EBITDA profit of Rs755mn in 4QFY15 & Rs153mn in 3QFY16. Certain on-off costs during 4Q like retirement benefits, royalty, contribution to District Mineral Foundation (DMF) etc. worsened the matters further for which MOIL reported an adjusted loss...