RM inflation, low fiscal incentives, and discounts impact margins: EBITDA margin fell 150bp YoY (but expanded 290bp QoQ) to 10.1% (our estimate: 10.6%) due to higher commodity prices, heavy discounting, lower incentives at Pantnagar under GST (~50bp impact) and low margins on BS-3 exports. However, lower other expenses diluted the impact of RM cost. EBITDA grew 14% YoY to INR6.1b (our estimate: INR6.5b). Other income was INR0.6b, higher than our estimate of INR0.4b. Adjusted PAT declined 59% YoY to INR1.2b (our estimate: INR2.07b)....