Q2FY17 EBITDA at Rs 937mn was largely in-line with our estimates of Rs 914mn. Though, volume de-growth of 1.8% YoY (due to heavy rains) was below our estimate of 14% growth, margins were better than estimates (EBITDA/ton at Rs 545/t vs. estimate of Rs 457/t) on account of better realisation (+3.6% QoQ vs. estimate of +1% QoQ).