2QFY22 EBITDA was 6% ahead of our estimates with lower costs more than offsetting pricing pressure in East with 7% qoq lower realization. Divestment of non-core investments (IEX, Hippo) and focus on organic growth will help address investor concerns on capital allocation. The company would reach 36 mtpa capacity in FY2022E and is embarking on the next phase of expansion.