ACC’s Q4CY22 EBITDA of Rs3.8bn (down 32% YoY) was in line with our / consensus estimates. Total cost/te declined 7% QoQ (yet rose 13% YoY) due to significant dip in unit energy and logistics costs (-24% and -9% QoQ, respectively). However, unit RM cost increased 35% QoQ. Further, blended realisations (assuming ‘other operating income’ at Rs954mn) improved 1% QoQ (up 7% YoY).