Coal Indias numbers were below estimates (EBITDA: Rs 3.2bn vs est Rs 21.1bn) as it got hit by multiple negatives: (1) Weakest e-auction pricing on record with premium vs FSA down to ~4% (vs 27% QoQ and 36% YoY), (2) provisioning for wage hikes (Rs 7.1bn) and (3) Weak volumes (116 mT, -5.0% YoY). The latter two are known and baked into our numbers with provisioning for wage hikes assumed at 15/10% for FY17/18.