Key highlights: A strong operational performance led by lower raw material costs and improving efficiency at old plants. Higher copper by?product (gold & silver) prices led to positive surprise in copper segment revenues and profitability. The company after obtaining additional coal security via linkage coal auction is confident to maintain the cost discipline as obtained during Q1FY17. Copper smelter has ramped up smoothly after the maintenance shutdown in Q1FY17 and company expects better efficiencies going ahead.Phillip Capital retain Buy rating on the stock and increase their target price to Rs 170 (from Rs 120 earlier) valuing at average of FY17 & FY18 valuations (6.5x Ev/Ebidta).