ICICI Securities Ltd | Retail Equity Research Heidelberg Cement's results were above our expectations mainly due to higher-than-expected topline. Revenues (excluding excise) increased 14.3% YoY to | 453.8 crore led by 9.0% YoY increase in volumes to 1.2 MT (vs. I-direct estimate of 0.98 MT) while realisation increased 4.8% YoY at | 3,750 (vs. I-direct estimate of | 3,678) EBITDA margin declined 74.0 bps YoY to 15.5% in Q4FY17 mainly led by a rise in employee expenses (up 10.4% YoY) and higher...