Strong 4QFY18 as expected: Novelis delivered its best-ever quarterly adj. EBITDA of USD319m (+9% YoY, +5% QoQ), driven by higher volumes, an improved product mix, operating efficiencies and favorable scrap spreads, partially offset by lower beverage can (BC) pricing. EBITDA/t increased 7% YoY (+3% QoQ) to USD396. INR44b debt reduction in FY18:Adj. EBITDA increased 12% YoY to USD1.2b. FCF rose 12% YoY to USD406m, which excludes USD314m from sale of stake in Korean rolling mill to Kobe Steel. Net debt declined by INR672m (~INR44b) YoY to USD3.6b, implying net debt/EBITDA of slightly less than 3x.