Robust volume growth: TRCL's volumes grew 12% YoY to 2.08m tons in 1QFY17, driven by spurt in southern demand. Blended realization declined 3% QoQ (below expectation), as prices failed to recover in the South. Revenue grew 4% YoY to INR9.4b, a 7% miss. PAT grew 57% YoY to INR1.6b. Realization drop offset by cost moderation: Blended EBITDA/ton was INR1,325 (+14% YoY, -9% QoQ). Realization dip was partially offset by 1% QoQ (and 16% YoY) drop in unitary cost to INR3,217/ton, aided by (a) lower fuel prices (pet coke mix near ~40%; cheaper imports), and (b) positive operating...