Gravita India’s (GRAV) performance was in-line with consensus estimates. The company reported EBITDA at INR 1bn (+15%/+9% YoY/QoQ) driven by, total volumes rising 12.4% YoY to 53.4Kte (flat YoY), better margins at the lead segment (INR 21,790/te; up 13%/7% YoY/QoQ), as GRAV used higher imported material that fetched better pricing.