Mangalam Cement's Q2FY18 results were above our estimates. Revenues increased 25.3% YoY to | 237.3 crore (above I-direct estimate of | 198.2 crore) mainly led by 24.5% YoY increase in volumes to 0.60 MT (above I-direct estimate of 0.51 MT) while realisation was flat at | 3,929 (vs I-direct estimate of | 3,887) EBITDA margin increased 22 bps YoY (down 397 bps QoQ) to 11.5% (vs. I-direct estimate of 11.5%) in Q2FY18 mainly led by a decline in other expenses (down 2.5% YoY). EBITDA/tonne increased 2.6%...