Maintain NEUTRAL with a TP of Rs 3,835 (12x September 2019 EV/EBITDA, US$200/t), and await better entry points. UltraTech Cement (UTCEM) delivered an EBITDA/t of Rs 1,028 (flat YoY, -13.1% QoQ, est Rs 922), a favourable outcome in the very first quarter of acquired assets integration. While the specifics of acquired assets performance were not shared, they were EBITDA accretive in 2QFY18. The beat on estimates was mainly from overheads, which were 9.9/8.3% YoY/QoQ, despite an addition of ~17 mTPA operating capacity (26% of FY17 installed base).