P&F cost/t rose 15% YoY due to higher petcoke prices. However, the impact was mitigated by better efficiency due to higher proportion of WHRS. Other expenses increased 19% QoQ due to higher shutdown and maintenance expenses for the acquired units. EBITDA declined 6% QoQ to INR12.7b (est. of INR14.2b) , translating into EBITDA/ton of INR801 (-INR228/t QoQ; our estimate: INR985), and a margin of 16.7% (-3pp YoY; -3.8pp QoQ) due to lower QoQ realization. Reported PAT stood atINR4.2b (-2% QoQ), while adj. PAT came in at INR3.5b (-19% QoQ; est.INR4.6b) as INR1.04b of provision toward DMF for earlier years was reversed in other income