Mangalam Cement (MGC) reported an EBITDA/t of Rs 262 (vs. Rs 116 est.). While volumes improved (0.63 mT, 19.5% YoY, 12.8% QoQ), realizations (Rs 3,753, -8.0% YoY, flat QoQ) were weak. Efficiency gains continued with overall cost/t down ~5% QoQ, led primarily by P&F; cost reduction (down ~11% QoQ per tonne of clinker, helped in part by lower petcoke).