MOIL (Manganese Ore India Ltd) posted dismal numbers in-line with the current challenging environment and DMF retrospective provisioning. Sales volume declined by 13% yoy and 14% qoq to 208,000 tonnes lower than our estimate of 245,000 tonnes. Blended realizations at Rs6,207/tonne fell 29% yoy and 11% qoq, which was again lower than our estimate of Rs6,600. EBITDA at Rs197mn fell ~81% yoy and 76% qoq and was significantly lower than our estimate of Rs765mn due to lower volumes coupled with DMF provisioning with retrospective effect from Jan 2015. Margins at 13.4% fell by 2,846bps yoy and 3,108bps sequentially. Adjusted...