PAT hit by operating cost; Strong fundamentals intact Coal India (CIL) reported Rs195bn consolidated net sales in 1QFY16, in line with our expectation (Rs192bn) as compared to Rs183bn in 1QFY15, due to higher coal off-take (8.2%) yoy. However, reported PAT was down by 6.7% yoy to Rs37.6bn below our expectation of Rs44.0bn due to lower operating margins, lower other income & higher provision for tax. We like Coal India due to its strong balance sheet, huge reserves & strong fundamentals. We believe that the positive initiatives from Ministry to address fuel issues are expected to bring in faster developments...