Tata Steel's (TATA) 4QFY18 cons. EBITDA increased 14% QoQ to INR65b driven by expansion of margins across all regions, while volumes declined 2% on furnace breakdown in India. Finance cost increased 12% QoQ due to increase in debt. PBT before XO increased 21% QoQ to INR38b and adj. PAT increased 35% QoQ to IRN33b. Reported PAT of INR146b included INR113b of XO income on w/back of pension liabilities of INR138b and provision of INR15b for demand towards mining.