4QFY22 sales volume rebounded sharply to 552kt, +27% yoy and +37% qoq. EBITDA/t was at Rs4,820, +2% yoy and -4% qoq. Phase-1 of its Raipur plant has come on stream. Volume ramp-up in 2HFY23F is key. Company targets sales volume of 300-400kt from Raipur unit in FY23F. Pick-up in capacity utilization is key monitorable going ahead. Retain Add with a lower TP of Rs1,004 (from 1,058 earlier). Capex execution delay is key risk.