NR Agarwal (NR) reported good numbers. Revenues were up 20.7% YoY and 9.6% QoQ at Rs 3,454m on back of higher realizations as well as low raw material cost due to ban on import of waste paper in China. This also resulted in EBITDAM expansion of ~185bps YoY and ~215bps QoQ to 14.7%. Duplex Board (DB) realisations improved 4.7% QoQ and 10.3% YoY to Rs 35,010 /ton and Newsprint (NP) prices by 20% to Rs 39,000/ton. Buoyancy in realisations is expected to continue. EBITDA grew 38.1% YoY, 28.4% sequentially to Rs 508m. PAT de-grew by 5.6% QoQ to Rs 244m due to higher tax rate and negative other income. EPS for the quarter stood at...