We maintain our FY21/FY22E EBITDA estimates and reiterate our rating on expected deleveraging in FY22E supported by lower capex, cost control and resilient volumes (exports and strong beverage can demand). After adjusting for hedging gain of INR1.0b in the copper business, Adj. EBITDA stood at INR13.4b, up 10% QoQ (down 3% YoY). HNDLs consolidated FY20 revenue/EBITDA/Adj. PAT declined at a lesser rate of 9%/8%/29% YoY to INR1,181b/INR142b/39b on strong margins at FY20 OCF/FCF (post capex and interest) stood at INR127b/INR30b. For FY21, management has guided for 1% YoY decline in aluminum volumes whereas copper volumes are expected to remain flat. The company has lowered its capex guidance to INR15b for the India business, which includes INR3.5b for the Utkal expansion. Share of CC rods stood 4QFY20 cost of production declined 5% QoQ due to lower coal and other Copper segments reported EBITDA includes hedging gain of INR1.0b due to sharp decline in copper prices during the quarter.