Total cost/t for consolidated operations increased 5% YoY (3% QoQ) to INR4,127 due to higher shutdown and maintenance expenses. Power and fuel cost/t increased 21% YoY due to increase in petcoke prices. Raw material cost increased 19% QoQ due to increase in slag prices for eastern operations. Consolidated EBITDA/t was INR458 (-6% YoY, -31% QoQ), and EBITDA was INR1.38b (+15% YoY, -22% QoQ; our estimate: INR1.8b) . Acquired assets reported EBITDA/t of INR913 (-15% QoQ) due to lower realizations while standalone operations reported EBITDA/t of INR199 (-40%YoY, -55%QoQ). Margins were at 10% (-1.23pp YoY, -4.33pp QoQ). Interest expense fell 17% YoY (and 9% QoQ) to INR958m due to refinancing of debt. Reported loss was INR218m (our estimate: profit INR44m).