Sanghi industries (SNGI) Q4 result was largely in-line with estimates on operating levels with EBITDA at Rs423mn against our estimate of Rs432mn and EBITDA/tn at Rs541 against our estimate of Rs577. Tax reversals and lower interest cost led to higher profits. Sales volume of Cement & Clinker was down 13.9% YoY to 0.78mt primarily due to 85% YoY decline in clinker sales. Domestic sales volume was up 10% YoY to 0.72mt. However,...