EBITDA was down 39% QoQ to INR11.7b (11% below est. INR13.1b) on the back of lower export volumes at 0.52mt (v/s est. The QoQ drop in EBITDA was led by lower overall volumes. PBT declined 40% QoQ to INR11.9b while Adj. PAT declined 40% QoQ to INR8.2b (14% miss). Reported domestic realization declined INR25 QoQ to INR2,891/t on the back of price decline (INR200/t in Sep19). PAT was up 13% YoY to INR21.7b. Cash flow from operations post tax was down 53% YoY to INR5.2b on the back of WC deterioration. Global iron ore prices have retreated in recent months and we expect this to lead to lower export price realization. On the domestic front, we expect prices to decline in 4QFY20 due to (a) an oversupplied market, (b) higher availability prior to mine lease expiry, and (c) some tapering off in global Most packages of the steel plant are complete.