Maintain NEUTRAL with a TP of Rs 690 (12x Dec-19 EV/EBITDA). Ramco Cements' numbers missed estimates (EBITDA/t: Rs 1,016/t, -23.2/-19.6% YoY/QoQ, Est 1,274). While volumes (2.27 mT, 14.7% YoY, Est 2.21mT) were in-line, realisations (Rs 4,606/t, -1.9/-3.7% YoY/QoQ, Est 4,879) led to the miss. Freight costs increased in the quarter (14.1/4.8% YoY/QoQ) owing to increased diesel prices.