Sagar Cements (SCL) has reported a dismal performance in 4QFY17 with its standalone operating profit declining by 28% YoY to Rs177mn vs. our estimate of Rs227mn. While operating cost remained broadly under control, a steeper-than-expected decline in realizations (-11.5% QoQ) led to poor operating show. Operating cost/tonne stood at Rs3,025 (+8% YoY and -11% QoQ). EBITDA/tonne stood at Rs386 as against Rs539 and Rs465 in 4QFY16 and 3QFY17, respectively. However, consolidated EBITDA stood at Rs260mn and EBITDA/tonne came in at Rs405 as against Rs625 3QFY17. Notably, SCL mopped up ~Rs2.2bn through QIP and...