8 August 2018 NMDCs 1QFY19 adj. EBITDA declined 29% QoQ (-9% YoY) to INR14.8b (est. of INR13.5b) due to 35% QoQ/26% YoY decline in volumes to 6.8mt. EBITDA is adjusted for (a) rail line doubling payment of INR291m and (b) expected credit loss of INR258m, which are non-recurring. Adj. PAT declined 30% QoQ to INR9.7b (est. Production was down 39% QoQ/19% YoY to 6.9mt due to low dispatches. Domestic realization was down 3% QoQ (+21% YoY) to INR3,541/t (6% beat).