Coal India’s (CIL) Aug’23 operating numbers were robust. Key points: 1) production/sales volume continued at the highest-ever level for the fifth successive month in FY24; 2) SECL’s volume revival has offset the flat volumes from MCL; 3) the traditional volume trough in Q2 is far lower in FY24 owing to increased rake availability; 4) higher volume to non-regulated sector (NRS), up 61% YoY in Aug’23, is likely to maintain FSA prices.