Volumes decline, but realizations healthy: Volumes declined 12% YoY to 0.6mt in 1QFY20 due to demand pressure in Gujarat (-11% YoY). However, realizations were up 13% YoY at INR4,562/t, resulting in revenue of INR2.7b (flat YoY; our estimate: INR2.6b). driving an improvement in margins: Unitary cost increased 2% YoY to INR3,469/t, as savings in freight and power & fuel cost were offset by higher other expenses. However, strong realizations led to a 71% YoY (+68% QoQ) increase in EBITDA/t to INR1,093, with EBITDA at INR657m (+51% YoY; our...