Companies under our coverage may see sharp ~20% YoY drop in EBITDA during Q3FY22E owing to lower volumes and sharp costs increases. Volumes may decline 4% YoY while EBITDA/te may shrink 17% YoY (Rs200/te) to ~Rs980/te as realisation rise of 7% YoY (Rs340/te) may fall short of the 14% YoY (Rs540/te) cost increase.