Ramco Cements (TRCL) numbers were marginally below expectations (EBITDA/t: Rs 1,078, -27.5%, -18.3% Est Rs 1,140). The decline in profitability was driven by realisations (Rs 4,450, -3.3% YoY, -5.0% QoQ) and higher freight costs (Rs 1,149/t, 9.6% YoY, 5.3% QoQ).