ACC missed our estimate primarily due to higher-than-estimated increase in variable costs (up 24% YoY/20% QoQ) in 4QCY21. EBITDA was at INR5.6b v/s estimated INR6.7b, while EBITDA/t stood at INR741 v/s estimated INR966. Adj. Profit declined 26% YoY to INR3.2b v/s estimated INR4.1b....