1 August 2018 Revenue grew 12.7% YoY (+3% QoQ) to INR6.4b (est. of INR5.7b) in 1QFY19, as volumes increased 15% YoY to 1.6mt (est. Volume growth was on account of low base and healthy demand from underlying markets of Telangana and Maharashtra. Realizations stood at INR3,992/ton (+8% QoQ) versus our estimate of INR3,866/ton due to better-than-estimated prices in Maharashtra as also impact of higher FOR sales. Cost/t increased 6% QoQ (+7% YoY) to INR3,459 due to 10%QoQ increase in P&F; cost (unavailability of domestic coal leading to sourcing of higher cost alternatives). Freight cost/t increased 10% QoQ to due to higher diesel prices as also higher FOR sales. However, EBITDA/t stood at INR533 (-36% YoY, +20% QoQ; est. of INR498), resulting in EBITDA of INR854m (-27% YoY, +15% QoQ) versus our estimate of INR737m due to better than estimated realizations.