ICICI Securities Ltd | Retail Equity Research Heidelberg Cement reported a weak set of Q1FY18 numbers. Revenues (excluding excise) declined 6.6% YoY to | 431.4 crore (below I-direct estimate of | 505.6 crore) led by 9.8% YoY fall in volumes to 1.1 MT (vs. I-direct estimate of 1.3 MT). Shortage of sand and aggregates in Uttar Pradesh led the company to report lower sales volume during the quarter while realisation increased 3.6% YoY at | 3,922 (vs. I-direct estimate of | 3,950)...