Cost/t at INR4,407(+5% YoY; - 1% QoQ) was largely in line with our expectation of INR4,420. The1% QoQ decline was due to lower raw material cost offset by higher freight and power & fuel cost. Other expenses were flat YoY, despite higher volumes, due to cost saving measures. Blended EBITDA/t was INR691 (v/s our estimate of INR570) (+10% YoY; +17%QoQ); EBITDA grew 24% YoY to INR4.9b (v/s our estimate of INR4b). Depreciation declined 11% YoY to INR1.5b. Tax rate was higher at 34% v/s 19% in 1QCY17. Reported PAT grew 16% YoY to INR2.4b(v/s our estimate of INR2.1b)