JK Lakshmi Cement reported a mixed set of Q3FY18 numbers. While revenues were in line with our estimates, margins, PAT stayed below our estimates. Revenues increased 24.8% YoY to | 837.4 crore (vs. Idirect estimate of | 828.8 crore) mainly led by 15% YoY increase in volumes to 2.1 MT (vs. I-direct estimate of 2.0 MT) driven by healthy demand in company's key markets. Realisation increased 8.5% YoY to | 3,983/tonne (vs. I-direct estimate of | 4,095/t) On the margin front, the EBITDA margin declined 105 bps YoY to 11.3% (below I-direct estimate of 12.1%). EBITDA/tonne declined...