National Aluminium Company (NALCO) has posted strong performance in 3QFY17, which was largely in-line with our estimate. EBITDA increased by 102% YoY and 66% QoQ to Rs2.9bn tad lower than our estimate of Rs3bn, as its alumina realization declined to US$269/tonne vs. our estimate of US$295/tonne. Continuing its northward movement, power cost rose by 16% YoY and 12% QoQ to Rs5.9bn, which we assume owing to higher coal cost. Despite a dismal performance by aluminium division with marginal EBIT of Rs1,158/tonne in 3QFY17, we continue to remain positive on NALCO as its alumina cost of production being one of the lowest in the world due to...