Ramco Cements (Ramco) reported another solid quarter, with EBITDA/t at Rs 1,302/t (adjusted for reversal of excess provision made for DMF contribution, ~Rs 300mn in our estimate). While volumes declined ~12% YoY, realisations continue to hold (Rs 4,926/t, -1.9% QoQ, 7.4% YoY), as prices in the South remain elevated.