SRCM reported healthy volume growth of 8% YoY, led by a favourable base (3QFY17 was impacted by demonetization). Cement realization fell 1% QoQ to INR4,120/t due to lower prices in its focus markets. Unitary cost increased 14% YoY (3% QoQ) due to higher freight cost/t and P&F cost/t (higher petcoke prices and ban on usage of petcoke). Cement EBITDA/t declined 11% QoQ (+3% YoY) to INR1,003 due to cost push and weaker realizations. Hence, EBITDA increased 13% YoY to INR5.3b in3QFY18. Depreciation fell 34% YoY to INR2.1b, resulting in PBT of INR3.8b(+57% YoY). Tax rate stood at 22% v/s 3.4% in 3QFY17, resulting in adj . PATof INR2.9b (+23% YoY). Reported PAT rose 42% YoY to INR3.33b due to reversal of DMF provision for earlier years