Volumes declined 5% YoY to 5.23mt in 3QCY19, as demand was impacted by heavy rain and floods in various states. Realizations increased 6% YoY, but were down 2% QoQ to INR4,887/t due to price roll back post May19 in core markets. Revenues grew 1% YoY to INR26.3b, vs our estimate of INR25.3b. 18 October 2019 Cost/t increased 2% YoY to INR4,180 cost/t. EBITDA/t came in at INR841 (+29% YoY). (2) Premium product sales increased 17% YoY. Volumes declined 4% YoY, while sales/EBITDA/PAT were up 0%/8%/13% YoY. For 4QCY19, we expect volumes to decline 3% YoY, but sales/EBITDA/PAT to increase 2%/34%/35% YoY. We cut our EBITDA estimate by 6% for CY19 to factor in higher reported costs. Consequently, our PAT growth estimate for the year is down by 6%. Alongside, we cut our EBITDA/PAT estimate by 12%/14% for CY20.