ACC reported vastly improved profitability for 1QCY15 at ~Rs 700/t (vs est Rs 436). This was despite a 10% YoY decline in volumes (5.8 mTPA, 5 yr low for 1Q volumes) and only marginal improvement in realizations (Rs 4,535, 5.5% YoY, 2.1% QoQ). The profitability jump is largely due to a 10% QoQ decline in other operating expenses, attributable to lower variable costs on packing, driven by lower crude.