2 November 2018 2QFY19 due to lower spreads (realization raw material cost). EBITDA per ton was down INR1,071 QoQ to INR6,806. Adj. PAT declined 20% QoQ to INR5.8b Steel sales increased 6% QoQ (-2% YoY) to 3.5mt. Production was down 2% QoQ (-3% YoY) to 3.5mt. Steel realization declined 1% QoQ to INR48,109 per ton, as 2Q is a seasonally weak quarter due to monsoon. Product spreads declined 9% QoQ to INR26,401 as raw material costs were also higher. Employee cost declined 3% QoQ/YoY to INR21.6b. The number of employees reduced by ~1% QoQ to 74.4k. Interest and depreciation cost increased 2% QoQ to INR7.