JSTL reported consolidated revenue of INR414b (-1% YoY and +4% QoQ) in 3QFY25, largely in line with our estimate of INR421b. ASP declined 12% YoY and 5% QoQ to INR61,666/t, which was offset by strong volume growth of 12% YoY and 10% QoQ to 6.71mt.