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Largely in line with estimates

Consolidated performance highlights:

• Revenue stood in line with our estimate at INR67.4b, marking a 25% YoY rise but 4% QoQ decline. Muted volumes QoQ were offset by healthy NSR.
• Iron ore production stood at 12mt (+31% YoY and -10% QoQ), while sales stood at 11.5mt (+14% YoY and -9% QoQ) during the quarter.
• ASP for the quarter reached INR5,851/t (+9% YoY and +6% QoQ), as iron ore prices remain elevated.
• EBITDA stood at INR24.8b (+6% YoY and +21% QoQ), in line with our estimate. EBITDA/t rebounded to INR2,152/t (-7% YoY and +33% QoQ), against our est. of INR1,956/t during the quarter.
• APAT for the quarter stood at INR19.7b (flat YoY and +33% QoQ), against our estimate of INR18b during the quarter.

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