Hindustan Zinc has delivered a muted performance in 1QFY18 with its EBITDA declining by 36.4% QoQ to Rs23.84bn vs. our estimate of Rs25.61bn largely due to higher than expected input cost. Further, lower mined metal production, lower LME prices and appreciation of the INR against the Greenback dragged its operating profit following the best ever quarterly performance in 4QFY17 owing to sale of zinc concentrate to the tune of 26kt. Broadly in-line with our estimate of 197,000 tonne, Zinc volume rose by 92% YoY (-10% QoQ) to 194,000 tonne. Lead volumes surged by 40% YoY (-22% QoQ) to 35,000 tonne marginally missing our estimate of 37,000 tonne. PAT increased by 81% YoY and fell 39% QoQ to Rs18.76bn vs. our estimate Rs19.54bn. With mine transition...