Standalone EBITDA grew 37% YoY, but down 10% QoQ, to INR17,404/t, 12% below our estimate at INR19,673/t. EBITDA reduction of INR3,863/t was largely on account of a sharp rise in net RM/conversion costs (up INR4,255/INR3,035 per tonne QoQ). EBITDA stood at INR31.6b (down 19% YoY and 30% QoQ) in 3QFY22, 7%...