ACC reported EBITDA of Rs4.95bn against our estimate of Rs4.4bn, primarily due to lower operating costs (Rs73/tonne below estimate). EBITDA/tn of Cement was Rs708 against our estimate of Rs654. Jamul and Sindri plants led to a strong 10.1% yoy volume growth. Sales volume was up 10.1% yoy to 6.74mt, in line with estimate of 6.73mt. Strong volume growth was driven by contribution from Jamul and Sindri plants in the East region....