ICICI Securities Ltd | Retail Equity Research India Cements' (ICL) results are not directly comparable on a YoY basis and our estimates due to inclusion of financials of amalgamated Trinetra Cements (1.5 MT) and Trishul Concrete Products. Revenues increased 16.6% YoY to | 1,522.6 crore mainly led by 18.2% YoY increase in volumes (led by amalgamation). On a like-to-like basis (excluding Trinetra, Trishul) volumes improved 2.8% YoY to 2.5 MT EBITDA/tonne came in at | 640/tonne (including amalgamated...