Sales/EBITDA/adjusted PAT came in line with our estimate (-11%/+7%/+8% QoQ) at INR206.4b/INR65.6b/INR38.5b on higher realization, but was offset by lower volumes. Adjusting for the wage revision settlement of INR2.85b for FY21, adjusted EBITDA stood at INR68.5b, up 1% v/s our estimate. Sales volume declined by 24% QoQ to 3.33mt and was 2% below our estimate. The decline was much higher compared to its peers due to the spread of COVID-19 in plants and a maintenance shutdown at one of the plants. Crude steel production was lower by 17% QoQ to 3.77mt....