EBITDA was down 44% YoY (-27% QoQ) to INR27.3b (v/s est. of INR28.8b); PBT was down 77% YoY (-61% QoQ) to INR7b on lower margin. PAT was, however, up 20% YoY to INR25.6b (v/s est. INR6.0b) due to deferred tax write-back of INR22.1b. Standalone (S/A) volumes declined 9% YoY (-4% QoQ) to 3.6mt due to weak demand. Crude steel production also declined 8% YoY (-9% QoQ) to 3.84mt.