Lackadaisical Performance on Lower Volume, Higher Cost On the back of lower-than-expected sales volume of Aluminium & Alumina along amid a overall challenging environment marked with higher cost of inputs, National Aluminium Company Limited (NALCO) has posted lackadaisical performance in 1QFY17, missing our estimate on all counts. Its EBITDA dipped 15% yoy (18% qoq) to Rs1.95bn vs. our estimate Rs2.7bn. Notably, power cost surged 19% yoy (15% qoq) to Rs5bn, which we believe to be due to coal cess. Though Aluminium division's sales rose by 6% yoy, it plunged 34% qoq to 82,836 tonne, and below...