Q3FY17 EBITDA at Rs 2.9 bn (up 16% YoY) was in line with our estimate. Volumes grew 22% YoY (2 mnt) primarily due to higher demand in Andhra Pradesh/Telangana and a low base. The company also sold additional volume in Eastern market (mainly West Bengal and Odisha). Average EBITDA/ton was Rs 1,480 (v..