As expected, increased opex (up 14% YoY) dented profitability. EBITDA fell 26% YoY, while adjusted profit (adjusted for an additional charge on restructuring cost) fell 40% YoY. We reduce our CY22E/CY23E EBITDA estimate by 15%/5%, considering a steep increase in energy costs. Our profit estimate for CY22E is being cut by a mere 6% (despite higher reduction in EBITDA), considering the higher dividend income from ACC. We reduce our CY23E profit estimate by 5%. The company has announced plans for increasing grinding capacities by...