EBITDA grew 26% YoY in 3QFY21 to INR1.9b (8% above our estimate) driven by 16%/2% YoY growth in volume/realization. Costs rose 3% QoQ due to higher freight and other expenses. Control on costs holds the key to deliver consistent EPS growth. We maintain our FY2123E estimates and reiterate Buy on attractive valuations. EBITDA up 26% YoY led by 16% YoY growth in volume Revenue grew 19% YoY to INR11.9b on 16% growth in volume at 2.7mt (v/s...