Ramco Cements (Ramco) reported industry leading numbers with reported EBITDA/t at Rs 1,510/t. While volumes declined ~5.4% YoY (1.63 mT, implied utilisation of ~50%), realisations continued to hold fort in the South (Rs 4,995/t, 9.3% YoY, 1.4% QoQ, 7.4% YoY). Costs declined ~Rs 140/t QoQ, but a part of it may be a one-off given other expenses came off sharply (-23% YoY, -22% QoQ).