Results came below expectations due to subdued offtake and realization. Revenue stood at Rs3bn (-16% yoy/+5% qoq). Sales volume stood at 3.2mt (-8% yoy) due to lower nonfine offtake (-20% yoy to 2.35mt). Blended realization rose by 10% yoy to Rs10,267/tn. EBITDA stood at Rs1.2bn (-6% yoy/+5% qoq). EBITDA margin expanded by 414bps yoy to 41%. EBITDA/tn increased by 12% yoy to Rs4,207 (-4% qoq). APAT increased by 2% yoy to Rs1bn (+12% qoq). Other income rose by 19% yoy to Rs474mn (40% of EBIT). Effective tax rate declined marginally to 33% (-271bps yoy). Board approves Rs3/share interim dividend and announces buyback of 8.8mn shares at Rs240. We see better volume going ahead, underpinned by successful completion of various...