11 November 2019 declined 13% YoY to 2.67mt; blended realizations declined 3% QoQ to INR4,671/t due to weaker prices in the southern markets. Thus, net sales declined 10% YoY to INR12.5b (v/s est. EBITA/t came in at INR552 (higher than est. However, given the weaker volumes, EBITDA was down 5% YoY to INR1.5b (in-line). Margins expanded 0.65pp YoY to 11.8%, while PAT increased 6x YoY to INR87m (v/s est.