Cost Saving Measures Aid Performance: Maintain BUY Sagar Cements (SCL) has reported a slightly better-than-estimated operating performance in 3QFY18, with its consolidated EBITDA growing by a moderate 7% YoY to Rs316mn vs. our estimate of Rs298mn. Though the average realisation/tonne declined by 8.7% YoY and 6.5% QoQ to Rs3,655 (1% steeper than our estimate), SCL's operating cost/tonne substantially decreased by 6.6% YoY and -2.6% QoQ to Rs3,203. Notably, savings of Rs40mn owing to new 6MW WHRS, reduction in lead distance and gradual shift to petcoke usage in BMM unit aided to SCL contain costs. Consolidated sales volume rose by 44% YoY and 14% QoQ to 0.68mnT...