Nuvoco Vistas Corporation’s (NUVOCO) Q3FY23 EBITDA at Rs2.7bn (up 18% YoY) was slightly below our / consensus estimates. Total cost/te increased 13%/3% YoY/QoQ against 12%/6% YoY/QoQ rise in blended realisation. This resulted in EBITDA/te rising 11%/37% YoY / QoQ to Rs596/te (I-Sec: Rs637/te).