Dalmia Bharat’s (DALBHARA) Q1FY23 EBITDA at Rs5.9bn (down 16% YoY) was marginally ahead of our / consensus expectations. EBITDA/te declined 34%/10% YoY/QoQ to Rs941 as realisation was flat YoY and up 3% QoQ against 13%/6% YoY/QoQ increase in unit total costs.