Sanghi Industries (SNGI) reported EBITDA/t of Rs 796 (vs. estimated Rs 888/t, 46.9% YoY, 65.9% QoQ). This was driven primarily by miss on realisations (Rs 3,906/t, 4.6% YoY, -3.9% QoQ), which suffered because of weakness in December. Volume ramp-up (cement volumes up 10.6% YoY to 0.61) and decline in P&F; costs (lower imported coal prices) led to a moderation in cement costs (-2.6% YoY, not comparable QoQ).