Q1FY16 EBITDA at Rs 507 mn was higher than our estimate of Rs 356 mn on account of better than expected operating margin (8.6% vs. estimate of 6.2%) which is led by lower other expenses. Sales volume grew strongly by 15% YoY (broadly in-line) led by recent commissioning of East capacity while realisation declined 14% YoY on account of weak pricing in its key markets.