1QFY20 adj. EBITDA of INR19.3b (-4% QoQ) was in line with our estimate of INR18.9b. The sequential decline in EBITDA was due to lower volumes, partly offset by higher realizations. Adj. PAT was down 6% QoQ at INR12.8b (in-line). Production was down 20% QoQ (+21% YoY) to 8.4mt, while sales declined 15% QoQ (+28% YoY) to 8.7mt (in-line). Domestic reported realization was up INR89 QoQ to INR2,916/t on the back of price hikes (INR200-250/t in May). In case of the Donimalai mine, a new lease agreement has to be signed with...