This was primarily led by North America (NA), wherein EBITDA declined 81% YoY on lower volume offtake. The Soda Ash segments performance was impacted by a reduction in demand from the end user industry (largely for flat and container glass). Factoring the miss in our estimates and a weak end user industry demand scenario, we cut our EBITDA estimates by 14%/6% for FY21/FY22 and arrive at an SOTP-based TP of INR368. Maintain was primarily on account of the absence of operating leverage and higher RM cost, offset by lower freight and power costs. EBITDA de-grew 30% YoY INR1,824m); decline in adj. This was on account of a 28%/22% drop in soda ash/bicarb volumes and lower realization, offset by 26% volume growth in salt. revenue declined 27% YoY due to a 28% drop in volumes (exports / domestic volumes declined 45% / 13% YoY).