J.K. Cement (JKC) continued to report a healthy and better-than-estimated operating performance in 4QFY17. Its EBITDA came in at Rs1.81bn (+6% YoY and +22% QoQ) topping our expectation of Rs1.73bn. While operating cost/tonne was a tad higher than our estimate, a better-than-estimated improvement in average NCR of grey cement (+9% YoY and +4% QoQ to Rs3,720/tonne) enabled JKC to report better operating performance. Grey cement EBITDA grew by ~39% YoY to Rs1.25bn. Blended EBITDA/tonne stood at Rs843 vs. Rs789 and Rs768 in 4QFY16 and 3QFY17, respectively. Grey cement EBITDA/tonne improved impressively to Rs670 vs. Rs472 in the year-ago quarter....