We maintain BUY with and upgrade our TP (Rs 1,455, 12.0x Sep-19 EV/EBITDA US$138/t). Birla Corps (BCORP) numbers beat estimates (Rs 638/t, Est Rs 484, 14.2/(10.9)% YoY/QoQ). The beat was primarily on account of lower other operating expenses (Rs 1.0bn vs Rs 1.5bn run-rate in previous 2 quarters). Numbers are not comparable YoY, due to Acquired ops being included from August 22, 2016. The 2QFY18 delivery was in spite of the severe sand shortages in UP and Bihar.