Hindalco standalone (S/A) EBITDA of INR12.6b (-4% QoQ) was 17% higher than estimate due to higher realization and lower-than-expected increase in cost in aluminum. EBITDA including Utkal increased 3% QoQ to INR16b, ahead of est. of INR15.2b on expansion in margin in aluminum. S/A PAT was down 22% QoQ to INR3.8b (est. INR2.7b) on lower other income and higher depreciation.