Strong Performance on Better Volume and Firm Realizations ACC reported better-than-estimated performance in 2QCY17 with its EBITDA per tonne surpassing Rs700-mark for the first time in the last eight quarters and stood at Rs715 vs. our estimate of Rs684. Operating profit grew by 20% YoY and 45% QoQ to Rs4.95bn vs. our expectation of Rs4.65bn. Better-than-estimated sales volume growth (+10.1% YoY and +2.1% QoQ) and firm increase in average realizations (+6.7% YoY and +5.0% QoQ) aided operating performance. Notably, operating cost per tonne for cement rose by 3% YoY to Rs3,881 (flat on QoQ basis) mainly due to hardening of fuel prices and spike in transportation cost. However,...