Strong Performance on Healthy NCR and Cost Benefits HeidelbergCement India (HCIL) has reported a strong performance in 2QFY18 amid challenging environment primarily led by better-than-expected NCR, cost benefits and one-time reversal (Rs57mn) of provisioning towards DMF for the prior period. Reported EBITDA surged by 46% YoY and 52% QoQ to Rs874mn surpassing our estimate. EBITDA/tonne stood at strong Rs825 vs. Rs599 and Rs522 in 2QFY17 and 1QFY18, respectively. While Power & Fuel cost/tonne increased by 8% QoQ, an improvement in Power & Fuel consumption resulted in low cost on yearly comparison (-4% YoY) despite a sharp surge in petcoke prices (usage up to 70%). Operating...