Blended EBITDA/t declined 26% YoY/QoQ to INR1,001 (est. of INR1,264) due to cost push and lower realizations. Cost/t increased 8% YoY (1% QoQ) to INR3,631 (in-line) due to an increase in P&F cost/t (+16% YoY; higher petcoke prices) and freight cost/t (+11% YoY; increase in diesel prices). Hence, EBITDA stood at INR2.28b (-15% YoY) v/s our estimate of INR2.84b. Interest cost fell 39% YoY to INR160m due to debt reduction. Tax rate was lower at 23% v/s 27% in 3QFY17, restricting the decline in adj. PAT to 26% YoY (to INR1.1b).