Birla Corporation (BCORP)'s 2QFY22 result highlights the impact of energy cost inflation, as variable cost of production increased 14% QoQ. The EBITDA margin declined 7.4pp YoY to 15.7% and EBITDA/t 30% YoY to INR817/t. Volumes remained flat YoY at 3.27mt v/s the est. of 3.39mt. The ongoing 3.9mtpa greenfield expansion at Mukutban (to be commissioned in 4QFY22) provides volume growth visibility for FY23E/FY24E. It also completed debottlenecking at the Chanderiya plant,...