Hindalco's Indian operations reported a subdued set of Q1FY20 numbers. Revenue, EBITDA and PAT came in lower than our estimates. Aluminium segment reported sales of 320000 tonnes, up 6.7% YoY, down 1.5% QoQ (broadly in line with our estimate of ~325000 tonne) while copper sales were at 82000 tonnes (lower than our estimate of ~100000 tonne). The topline for Hindalco's standalone operations + Utkal was at | 10055 crore (lower than our estimate of | 10573.1 crore). EBITDA of Hindalco's domestic aluminium operations (including Utkal) was at | 889 crore (down 42% YoY, 16% QoQ),...