by adjusting from revenue against earlier practice of providing as cost. Accordingly, revenues for FY19 were revised lower by Rs5bn to account for grade slippage. Hence, we keep our estimates unchanged for FY20e and FY21e as volatile grade and lower E-auction volumes would offset higher pregrade adjustment realisations. Volumes growth continued to remain weak due to structural issues related to land acquisition, logistics and statutory clearances. Volumes for Apr'19 grew...