GMDC?s numbers were below expectations (EBITDA: Rs 662 mn vs est 782 mn, 4.5% YoY, Flat QoQ). However, there are several positives like a) strong volumes (1.84 mT, 6.8% YoY) despite the absence of Panandhro; b) better pricing due to improved proportion of large consumers (charged 4-5% higher) and c) significant scale-up in Kutch mines (Mata-no-madh, Umarsar). This was offset by higher mining costs due to nil volumes from low-cost Panandhro and higher volumes from high-cost Rajpardi mine.