Weak Performance on Higher Cost of Inputs National Aluminium Company (NALCO) has delivered weak performance in 2QFY17 missing our estimates on all counts due to higher-than-expected cost of inputs. EBITDA declined by 51% yoy & 12% qoq to Rs1.72bn (vs. our estimate Rs2.3bn). Power cost surprisingly rose by 7% yoy & 5% qoq to Rs5.3bn, which is presumably due to higher coal expenses. Aluminium division sold ~99,000 tonne (+6% yoy & +20% qoq), marginally higher than our estimate of 95,000 tonne. Regional premium for the Aluminium division declined 40% yoy to US$320/tonne. Alumina sales volume...