Net Debt fell 3% QoQ/Rs1.9bn to Rs61.5bn due to reduction in working capital UTCEM reported Q3FY22 earnings below our/consensus estimates (CE) by 9%/10%, largely due to steeper than expected increase in cost and in-line realisations. EBITDA/t fell 20% YoY/20% QoQ to Rs1,062 (PLe: Rs1,160). Street attributes the slide in margins over last couple of quarters to abnormal increase in costs and erratic recovery in prices coupled with demand...