2QFY20 standalone revenue declined 6% YoY to INR48b (in-line). EBITDA declined 38% YoY to INR6.6b (v/s est. INR9.1b); margins contracted 7pp YoY to 13.7%. Adj. PAT was down 36% YoY to INR5.3b (in-line). Volumes increased 3% YoY with revenues down 7% YoY to INR24b; EBITDA declined 34% YoY to INR3.8b due to fall in domestic 14 November 2019 realization. VSF margins declined 6.4pp YoY to 15.7%. Volumes decreased 7% YoY for the quarter.