Profitability restricted by higher cost: Blended EBITDA/t was down 1% YoY to INR979, with cost/t increasing 2% YoY to INR3,670. However, EBITDA grew 20% YoY to INR3.2b (in-line) due to volume gains. Margin contracted 0.5pp YoY to 21.1%. Adj. PAT was up 22.5% YoY to INR1.68b (in-line). FY19 performance: Volumes grew ~19%, sales increased 17% to INR51.2b, while EBITDA/PAT was down 5%/9% YoY to INR10b/INR5.1b. Key highlights from management interaction: (1) Average diesel prices increased 17% YoY in FY19, leading to higher logistics cost. (2) Petcoke prices...