Higher pricing to offset impact of premium levy NMDC is a play on strong iron ore prices and volumes, well-reflected in its 4QFY21 result EBITDA at INR42.4b (+53% YoY) and EBITDA/t at INR3,825 (+113% YoY) were the highest ever. We raise our FY22/FY23 EBITDA forecast by 61%/38% to factor in higher pricing and volumes. Reiterate Buy. EBITDA up 53% YoY on higher pricing and better volumes Revenue / EBITDA / Adjusted PAT rose 57%/53%/51% QoQ (in-line) to...