business and value added products would increase by ~500bps to 75% (in EBITDA) by FY20e. Backed by strong business model and attractive valuations, we maintain Accumulate with TP of Rs224 (earlier Rs245), EV/EBITDA of 5.3x FY21E (earlier 6x FY20E). Higher costs drags down the earnings: AL/Cu sales volumes came in line with our est. at 325kt/100kt (PLe: 325kt/105kt), up 0.6%/+1% QoQ (up 1.2%/7.4% YoY). Due to higher than expected input costs, AL biz EBITDA came below out est. at Rs10.4bn (PLe:Rs11.1bn). Cu division's EBITDA fell 27% QoQ (4.3% YoY) at...