Birla Corp (BCORP) reported yet another weak quarter (cement EBITDA/t at Rs 211/t vs. estimate of Rs 247, 50.6% YoY, 1.6% QoQ). This was despite strong volumes (1.97 mT, 7.8% YoY) and realisations (Rs 3,642/t, -2.5% YoY, 1.3% QoQ). Shortfall in limestone rendered a kiln at Chanderia out of service for two months, driving up per tonne operating costs.