ICICI Securities Ltd | Retail Equity Research Heidelberg Cement's results were broadly above our estimates. Revenues increased 24.8% YoY to | 483.9 crore (above I-direct estimate of | 442.8 crore) led by 16.5% YoY rise in volumes to 1.2 MT (vs. I-direct estimate of 1.1 MT) driven by resolution of sand mining issue and higher infra spending. Further, realisation increased 7.1% YoY at | 3,976/t (vs. I-direct estimate of | 4,062/t) On the margin front, the EBITDA margin increased 550 bps YoY to...