Ramco reported yet another industry leading quarter with EBITDA/t (ex other op. income) at Rs 1,325 (14.2% YoY, -10.5% QoQ). Strong volume growth at 14.5% (2.08 mT, ~60% utilization on our capacity estimates) was likely driven by higher despatches in AP/East, but was coupled with a decline in realizations (Rs 4,542, -8.9% YoY). Revenues/ realisations are not comparable QoQ as 4QFY16/FY16 nos are not yet restated to comply with IndAS requirements.