Ramco Cements (TRCL) reported a weak EBITDA/t (excl other operational income) of Rs ~583/t (vs. est. Rs 814, Rs 653 in 3QFY14). Realizations remained flat (5.7% YoY, -0.4% QoQ) with pricing in South holding on to the increases experienced in 2QFY15. But volumes shrank ~12% YoY to 1.72 mT (implied 55% utilization vs 62% a year ago). Demand remains extremely weak and industry remains hopeful of a pickup.