Volume growth above estimate: 2QFY18 revenue grew 20% YoY to INR11.1b (est. of INR9.9b). Grey cement volume rose 17% YoY to 1.93mt due to higher clinker exports to Nepal and strong growth in north due to market share gains (led by ramp-down of Binani Cement). White cement (incl. wall putty) volume rose 8.5% YoY to 0.30mt due to GST-led restocking and Katni unit ramp-up. Higher realizations drive margins: Grey cement realization rose 8% YoY (-1% QoQ) to INR3,943/ton due to better pricing in north. South realization declined 6% QoQ due to weak prices in Maharashtra. Blended realization rose 4% YoY...