JK Cement's Q1FY18 results were broadly in line with our estimates. Revenues increased 16.4% YoY to | 1,041.5 crore (above I-direct estimate of | 983.0 crore) mainly led by 23.5% YoY rise in grey cement revenues to | 745.9 crore (driven by higher volumes: up 12.7% YoY and increase in realisation: up 9.6% YoY) EBITDA margin declined 55 bps YoY to 19.0% (vs. I-direct estimate of 19.0%) mainly led by higher power & fuel expenses (up 30.0% YoY led by higher pet coke prices) and rise in freight cost (up 27.7% YoY led by...