Dalmia Bharat (DALBHARA) delivered a revenue beat of +5% to Rs39.1bn (+16% y/y), largely driven by strong volume growth (+12% y/y) and healthy NSR (+3% y/y) in Q4FY23. Due to sharp rise in RM cost/te by +55% y/y resulted in total cost/te increase of +6% y/y, despite power cost/te correcting by -11% y/y in Q4FY23. Therefore, EBITDA came 7% below YSECe at Rs955/te (-8% y/y). Reported PAT came at Rs6bn (v/s YSECe Rs3bn) on account of adjustment for associate "DBRL" of Rs5.29bn profit and exceptional item of Rs1.44bn as loss in Q4FY23. Management deferred the 2.5MTPA GU expansion in Bihar due to JP Associates inorganic opportunity, changed the original capacity target to 46.6MTPA by FY24E (excl. 9.4MTPA of JP Associates). As a result, our revenue/ EBITDA/PAT estimate moderated by 3/5/2% respectively for FY25E.