Deccan Cements (DECM) delivered EBITDA/t of Rs 706/t (vs estimated: 683/t, -17.7% YoY, -11.8% QoQ), driven by flattish volumes (0.36 mT, 1.6% YoY). A sequential decline in realisations (Rs 4,163/t, 4.4% YoY, -6.9% QoQ) was offset largely by a decline in selling cost (Rs 1,466/t, 11.1% YoY, -19.6% QoQ) and flattish NSRs (Rs 2,702/t, 1.1% YoY, 1.9% QoQ).