Maintain BUY with a TP of Rs 1,160 (10.0x June-19 EV/EBITDA). Continued strong delivery should see BCORP rerate in-line with its peers of similar size and earnings. Birla Corps (BCORP) standalone EBITDA missed estimates (Rs 1.04bn, -20.2/9.5% YoY/QoQ, est Rs 1.21bn), owing to lower volumes (2.1mT, -1.2% YoY) and a sharp jump in P&F; costs. Acquired operations (RCCPL) delivered Rs 1.37bn in EBITDA (-2.5% QoQ, not comparable YoY, EBITDA/t: Rs 1,200). Given UPs sand shortage this is strong delivery. RCCPL reported operational costs at Rs 3,132/t, best-in-class, despite the absence of captive power, making this is the highlight of 1QFY18.