JKLC's volume grew 15% YoY (+12%QoQ) to 2.11mt v/s our estimate of 2.02mt, led by ramp-up of new capacity in east. Realizations rose 9% YoY (-3.4% QoQ) to INR3,969/t, lower than our estimate of INR4,259/t, due to weaker pricing in focus regions. Revenue grew 25% YoY (+8% QoQ) to INR8.4b (est. of INR 8.6b). EBITDA grew 14%YoY (-1% QoQ) to INR943m v/s estimate of INR1.2b (margin: 11.3%, -1.05ppYoY, -1.02pp QoQ), translating into EBITDA/ton of INR447 (flat YoY, -INR58/t QoQ) v/s estimates of INR576/t. Tax rate was 32.5% in 3Q v/s tax inflow ofINR27m. Net profit stood at INR86m (+13% YoY) v/s estimate of INR301m