EBITDA/t declined 10% QoQ (-6% YoY) to INR1,095 in 3QFY18 due to higher other expenses and raw material costs ( an increase in slag prices by 62%YoY). Hence, EBITDA rose 10% YoY to INR4.5b (est. of INR 4.7b), with the margin at 21.7% (-2.3pp YoY, -2.3pp QoQ). Interest cost was lower by 33%YoY at INR1.42b due to a reversal of forex fluctuations and debt reduction by INR2.28b/INR7.37b in 3QFY18/9MFY18. Other income declined 25% YoY due to lower yield. With the tax rate at 32% (33% in 3QFY17), adj. PAT increased145% YoY to INR979m (est. of INR1.14b).