Volumes grew 4.4% YoY to 6.13mt Cost/t increased 8% YoY (-3% QoQ) to 18 February 2019 power & fuel cost/t. EBITDA/t of INR659, thus, came in lower than our estimate of INR901. EBITDA declined 20% YoY but increased 13% QoQ to YoY, +0.4pp QoQ). Exceptional items amounting to INR2.4b were booked in the quarter. PAT stood at INR2.95b (-3% YoY) versus our estimate of INR3.2b, while reported PAT stood at INR5.37b. (1) Power & fuel cost increased due to high-cost inventory. (2) ACEM commissioned the Gare Palma coal block, which should help optimize fuel mix.