Turnaround slower than expected; working capital up Strong stock performance leaves little upside; downgrade to Neutral Vedanta's (VEDL) 1QFY17 EBITDA of INR34.4b (-1% QoQ/-24% YoY) was below our estimate of INR39.9b. Cost of production of aluminum was temporarily higher than expected, though volumes are ramping up as expected. Iron ore volumes were up 14% QoQ, yet fell short of expectations. EBITDA (ex- HZ and CAIR) declined 9% QoQ (but grew 18% YoY) to INR15.1b, below our estimate of INR19.4b....