of INR16.7b) led by higher aluminum prices, while cost of production (CoP) was flat QoQ. Finance cost declined 7% QoQ to INR4.6b due to upgrade in credit rating and reset of interest rates. PAT increased 19% QoQ to INR7.3b. Aluminum EBITDA/t rose 23% QoQ to USD759 (est. of USD628), led by higher LME (+USD88) and product premium (+USD28), while sales declined 7% QoQ (unchanged YoY) to 300kt (23kt inventory increase). Aluminum CoP was flat QoQ, despite higher coal (+2% QoQ) and oil (+2% QoQ) prices in 1Q, due to lower fixed cost, but it is likely to increase 3-4% in 2Q. Copper sales declined 24% QoQ to 82kt due to maintenance shutdown, but EBITDA/lb was up 24% QoQ to US cents 26.9 on higher by-product prices. EBITDA was down 3% QoQ (+9% YoY) to INR3.25b.