Cost/t declined 5% QoQ (flat YoY) to INR3,700 (est. of INR3,821) due to lower other expenses (-3% YoY), led by fixed cost-optimization measures. RM cost/t, including inventory adjustment, declined 63% YoY/65% QoQ. Hence, adj. EBITDA/t of INR865 (+315 YoY/+22% QoQ) was higher than our estimate of INR649 due to lower cost. EBITDA increased 52% YoY to INR5.08b (est. of INR3.9b), translating into a margin of 18.9% (+3.9pp YoY, +3.7pp QoQ). Tax rate was higher at 24.5% in 4QCY17 v/s 8% in 4QCY16. Adj. PAT rose 56% YoY to INR2.95b.