Birla Corps (BCORP) numbers beat estimates (Rs 420/t, Est Rs 311, 11.0% YoY, 2.1x QoQ) mainly due to better realisations (Rs 3,895, 14.6% YoY, 5.6% QoQ, Rs 3,726 Estimated). The acquired capacities (Acq ops, effective Aug 22, 2016) delivered solid outcomes in FY17: Rs 2.5bn EBITDA, EBITDA/t of Rs 1,137 and PBT breakeven in 1st year of acquisition.