Maintain NEUTRAL with a TP of Rs 690 (12x Sep-19 EV/EBITDA). We maintain our earnings estimates which factor in volumes/realisations/EBITDA CAGR of 2.4/4.7/5.7% respectively. Ramco Cements' numbers beat estimates (EBITDA/t: Rs 1,193/t, (20.9)/1.7% YoY/QoQ, Est 1,012). Both volumes (2.15 mT, 5.8% YoY, Est 2.07) and realisations (Rs 4,783/t, 0.3/3.8% YoY/QoQ, Est 4,492) beat estimates, driving the surprise. P&F; costs remained elevated (35.6/2.5% YoY/QoQ), given that pet-coke prices have risen sharply over last 2 to 3 quarters.