Standalone sales increased 1% QoQ to 3.97mt. Share of exports increased 6ppQoQ to 30%. EBITDA/t increased by INR1,533 to INR9,000, primarily led by an increase in average realization. JSW Coated's margins have been facing headwinds from pressure exerted by imports. Capacity utilization and EBITDA at the US mills are gradually improving. Salav's operating performance too is stable. Net debt (incl. acceptances) declined INR11.6b QoQ to INR514b. Capex is likely to be at INR60b in FY18, 25% lower than the earlier guidance. The margin outlook for 4QFY18 is stable at current levels, as there is sufficient steel price increase to offset cost pressure from iron ore and coking coal.