21 January 2019 EBITDA increased 22% QoQ to INR28.4b (in-line) in 3QFY19, led by higher volumes and a 4% rise in zinc LME. Other income grew 40% QoQ to INR5.5b, driven by mark-to-market gains. PAT rose 22% QoQ to INR22.1b (in-line). Mine production increased 6% QoQ (3% YoY), while refined metal production rose 15% QoQ, led by higher concentrate availability. Zinc/lead/silver sales increased 17%/10%/11% QoQ to 187kt/54kt/178t. Reported cost of production (CoP) declined USD37/t QoQ to USD997/t owing to higher volumes and lower diesel cost, partly offset by higher mine development expenses. CoP is guided to decline by ~USD50-100/t in 4Q, given higher linkage coal availability and volumes. Capex guidance is lowered to USD350m from USD400m due to delays in a few projects. Mine production capacity is expected to reach 1.2mt by end-FY19. RA mine shaft commissioning is delayed by a few quarters to 2QFY20, while SK mine shaft is expected to commission soon.