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News: Total operating income on consolidated basis for Q3FY24 came in at ₹ 9,127 crore (flat YoY, down 7% QoQ). EBITDA for the quarter came in at ₹ 1,246 crore with corresponding EBITDA margins at 13.7% (up 110 bps QoQ). Consolidated PAT stood at ₹691 crore (down 10% QoQ). EBITDA/tonne on standalone basis came in at ₹ 19,938/tonne in Q3FY24 vs. ₹ 19,678/tonne in Q2FY24 vs. ₹ 18,661/tonne in Q3FY23.
Views: EBITDA/tonne sustaining at ~₹ 20,000/tonne mark was encouraging however 6% QoQ decline in sales volume came in as a negative surprise amidst fundamental levers for growth. The company ascribed sub-standard imports impacting volumes. We await management commentary on near term demand prospects as well as scope for uptick in profitability going forward.
Impact: Neutral