31 January 2019 Adj. EBITDA increased 65% QoQ (+71% YoY) to INR22.8b in 3QFY19, 13% ahead of our estimate of INR20.2b, led by higher-than-expected realization. EBITDA is adjusted for (a) rail line doubling payment of INR528m and (b) expected credit loss of INR717m, which is non-recurring. Adj. PAT increased 63% QoQ (+76% Production increased 81% QoQ (+11% YoY) to 9.5mt, while sales grew 30% QoQ (+8% YoY) to 8.7mt, led by higher offtake from Chhattisgarh. Domestic realization increased INR550 QoQ to INR4,185/t, as against our estimate of INR3,668/t. EBITDA per ton increased 27% QoQ to INR2,618 (USD36), led by higher realization and operating leverage benefits. We raise our FY19 EPS estimate by 8% to account for the beat. Operations at the Donimalai mine remain suspended. However, we expect NMDC to eventually get its MLs renewed without sharing any revenue.