Sanghi Industries (SNGI) reported a tepid quarter with EBITDA/t at Rs 516 (-45.1% Y-o-Y, -40.1% Q-o-Q). Blended realisations trended lower (Rs 3,669/t -6.5% Y-o-Y, -11.0% Q-o-Q) and the sharp sequential decline could be attributed to higher clinker volumes (0.11 mT vs. nil in 3QFY15).