GMDCs numbers were below expectations (EBITDA: Rs 657 mn vs est 798 mn, -7.8% YoY, -52.8% QoQ), primarily dragged down by higher direct mining costs (42.9% YoY, 39.5% QoQ, per tonne basis) and lower volumes (1.1 mT, -23.1% YoY). Power volumes dragged (470 mn kWh, -31.6% YoY, 1.6% QoQ) too.