ICICI Securities Ltd | Retail Equity Research NCL Industries (NCL) reported a healthy set of Q1FY18 numbers. Revenues increased 17.9% YoY to | 196.6 crore mainly led by 19.7% YoY increase in cement revenues. We believe the increase in cement revenue was mainly due to price improvements in NCL's key markets EBITDA during the quarter increased 59.3% YoY to | 38.5 crore. On the margin front, EBITDA margins increased 509 bps YoY to 19.6% in Q1FY18 mainly led by a decline in freight cost (down 12.2% YoY)...