Revenue rose 4% YoY to INR21.36b (est. of INR20.72b). Cement revenue was INR20.34b (+10% YoY), with EBITDA of INR5.52b (-14% YoY) exceeding our estimate due to the incorporation of incentives received as part of revenues (prior-period EBITDA is restated). Power revenue fell 47% YoY to INR1,025m, with EBITDA at INR78m (in-line) due to weak merchant power rates. Healthy realization and lower other expenses drive margin: EBITDA of INR5.6b (-20% YoY) exceeded our estimate of INR4.41b due to higher realization and lower other expenses. Overall margin contracted 7.9pp YoY (1.50pp QoQ) to 26.2% due to an increase in YoY unitary costing led by higher...