UltraTech Cement (UCL) has delivered a lower-than-estimated performance in 3QFY18 owing to steeper-than-expected decline in average realisation and higher other expenditures. Reported EBITDA came in at Rs11.5bn (+10% YoY and -9% QoQ) vs. our estimate of Rs12.6bn. Operating cost/tonne at Rs3,988 (+4% YoY and flat on QoQ basis) broadly came in-line with our estimate. Reported net revenue increased by 33% YoY and 15% QoQ to Rs74.7bn vs. our estimate of Rs70.3bn led by higher-than-estimated sales volume at 15.9mnT (+35% YoY and +21% QoQ). Notably, better-than-estimated ramp-up in utilisation (~51% in 3QFY18) at newly acquired Jaypee's units and robust volume (in double-digit) in Northern region aided volume growth....