For Q4FY18, NMDC reported a healthy performance, which came in above our estimates. The company reported a sales volume of 10.5 million tonne (MT) (our estimate: 10.0 MT). Topline for the quarter was at | 3883 crore up 35.2% YoY, 57.3% QoQ, higher than our estimate of | 3347.6 crore. The blended iron ore realisations increased 26% YoY, 21.8% QoQ to | 3653/tonne (vs. Q4FY17: | 2898/tonne, Q3FY18: | 2999/tonne, our estimate: | 3236/tonne) On the back of healthy iron ore realisations, EBITDA was healthy at...