capacity in the east and a favorable base. Cement realization of INR4,645/t (+6% YoY, +3% QoQ) came in higher than our estimate, partly due to a change in commercial terms (INR114/t impact). The residual increase in realization (INR22/t QoQ) was due to better pricing in the underlying markets. Hence, revenue increased 24% YoY to INR30.5b (est. of INR28.6b). Healthy realizations drive EBITDA/t improvement YoY: EBITDA increased 57% YoY to INR3.53b (est. of INR2.86b), led by EBITDA/t of INR592 (+36% YoY; cement EBITDA/t at INR568). Unitary cost rose 2% YoY, led by an increase in...