Sanghi Industries (SNGI) reported EBITDA/t of Rs 480 (vs. estimated Rs 465/t). Volumes improved 34% YoY (0.53 mT, nil clinker) as the new grinding capacity (1.2 mTPA) contributed to some extent. Unit costs appear higher due to seasonally lower volumes (Q1 contributed only 17% in FY15), clinker purchase (plant shutdown) and DMF contributions (Jan-Jun provision being a one-off).