4QFY18 consol. EBITDA grew 38% YoY (+33% QoQ) to INR21.4b (est. of INR19.5b), led by strong growth in steel volumes and higher steel margins. Adj. PAT turned positive to INR1.3b (est. of a loss of INR1.2b). Interest cost rose 24% YoY to INR10.7b, despite net debt declining by INR35b to INR420b. FY18 consol. EBITDA increased 39% YoY to INR65b and adj. loss after tax reduced from INR19b to INR8b. Cash profit more than doubled to INR26b. Standalone:Steel sales increased 26% QoQ (28% YoY) to 1.18mt. EBITDA per ton rose 31% QoQ to INR12,871, largely driven by higher spreads and some benefit of operating leverage. EBITDA increased 66% YoY to INR15.2b.