2% QoQ) to INR3,572 (our estimate: INR3,716) due to lower freight cost/t (on the back of a reduction in lead distance). Thus, EBITDA/ton of INR431 (15% YoY, +5% QoQ) was higher than our estimate of INR316/t. EBITDA declined 4% YoY to INR916m (our estimate: INR642m), with the margin at 10.8% (-1.53pp YoY, +0.6pp QoQ). Tax rate stood at 35.4% v/s 30% in the...