Low Volume & Cost Pressure Drag Operating Performance Dismal sales volume and higher operational cost due to higher fuel and incremental maintenance cost (Rs90mn) impacted HCIL's operational performance. Thus, EBITDA de-grew by 28% YoY and 18% QoQ to Rs575mn. EBITDA/tonne stood at Rs522 in 1QFY18 compared to Rs655 and Rs580 in 1QFY17 and 4QFY17, respectively. Going forward, we expect operating performance to improve on the back of firm realisation, no further maintenance cost in FY18 and improving utilisation. PAT...