Realizations at INR4,114/t (-5% YoY, +1% QoQ) were lower than our estimate of INR 4,191/t higher prices in April-May were offset by lower prices in June. Revenue fell 4% YoY (but grew 8% QoQ) to INR2.7b, in line with our estimate. Unitary cost grew 4% YoY (and 1% QoQ) to INR3,465/t, led by higher power and fuel cost at INR1,232/t (+18% YoY, +13% QoQ). EBITDA/t stood at INR649 (-35% YoY, -2% QoQ). EBITDA declined 34% YoY (but grew 5% QoQ) to INR434m v/s our estimate of INR480m. Interest cost at INR123m declined 34% YoY and 29% QoQ due to re-pricing of high cost debt of INR3.3b with lower interest cost. (1) Strong growth in underlying markets of Gujarat at 15% YoY and Maharashtra at 9% YoY; (2) Freight cost/t declined QoQ due to reduction in lead distance; (3) Lower proportion of PPC sales at 33% v/s 38% in 1QFY18 due to unavailability of flyash.