While we expect the recent price hikes to aid profitability, we remain conservative on prices heading into FY21. EBITDA was up 34% QoQ to INR15.7b on the back of higher production at 8.6mt (+71% QoQ) and higher sales volume at 8.4mt (+45% QoQ). Reported domestic realization declined INR313 QoQ to INR2,578/t on the back of price declines during the quarter. Subsequently, we expect domestic realizations to increase 25% Sustainability of these price hikes though would be dependent on sustained steel demand and the materialization of a disruption on the iron ore side post the lease expiry (which we have not built in). However, given the recent price hikes and shift to the lower tax rate, we raise our EBITDA est. We believe the companys steel plant would be valuable given the low-cost iron ore and economy of The Ministry of Mines has favorably amended the Mineral rules with regards to renewal of leases.