MOIL posted dismal numbers in-line with the current challenging environment. Sales volume declined by 47% yoy and 35% qoq to 136,000tonnes, significantly lower than our estimate of 185,000tonnes. Blended realizations at Rs5,698/tonne (our est. Rs5,338) fell 31% yoy and 8% qoq. EBITDA at Rs153mn fell ~85% yoy and 22% qoq and was lower than our estimate of Rs213mn largely due to lower volumes. Margins at 17.4% fell 2,990bps yoy, but increased 397bps sequentially. Adjusted PAT, consequently, fell 50% yoy, but increased 11% qoq to Rs540mn against our estimate of Rs418mn. Net cash at the end of 9MFY16 stood at Rs30bn...