discretionary fixed cost. Led by lower other expenses, EBITDA/t improved QoQ and YoY to Rs1093/t. We have factored this in our CY20/CY21 estimate and EBITDA is increased by 9%/12%. On an unchanged CY21 EV/EBITDA multiple of 10x, we retain BUY rating with revised TP of Rs1,687. Company with net cash of Rs47bn provides it with cushion...