MOIL posted strong numbers despite a challenging environment. Sales volume staged a recovery during the quarter by increasing 13% yoy and 21% qoq to 242,000 tonnes above our estimate of 210,000 tonnes. Blended realizations at Rs6,967/tonne fell 8% yoy and 17% qoq, which was largely in-line with our estimate of Rs6,990. EBITDA at Rs822mn fell ~17% yoy, but increased ~9% qoq and was higher than our estimate of Rs735mn due to volume beat. However, EBITDA margins at 44.5% fell 227bps sequentially and 458bps yoy. Adjusted PAT increased 15.2% qoq, but fell 15.2% yoy to Rs899mn in-line with our estimate...