UltraTech Cement's results were broadly in line with our estimates. While revenues, PAT were in line with our estimate, EBITDA remained above our estimate mainly due to lower than anticipated raw material Revenues increased 20.4% YoY to | 6,571.3 crore (vs. I-direct estimate of | 6,691.9 crore) mainly led by 17.5% YoY increase in volumes to 13.1 MT (vs. I-direct estimate of 13.6 MT) and 2.4% YoY increase in realisation to | 5,001 (vs. I-direct estimate of | 4,922) Despite one-time cost due to consolidation of Jaypee and increase in...