In-line Operating Performance; Capacity Expansion Plan Bodes Well J.K. Cement (JKC) has delivered an in-line performance in 3QFY18. Its reported EBITDA stood at Rs1.7bn (+15% YoY and -18% QoQ) mainly driven by strong volume growth. Operating cost/ tonne increased by 7% YoY and 2% QoQ mainly due to spike in Power & Fuel cost/tonne (+18% YoY and +3% QoQ) and freight cost/tonne (+20% YoY and +1% QoQ). Grey Cement EBITDA/ tonne stood at mere Rs390 vs. Rs452 and Rs547 in 3QFY17 and 2QFY18, respectively. Notably, average NCR stood at Rs3816/tonne (+7.5% YoY and -3.2% QoQ). Yearly improvement in realisation is primarily on account of exposure to Gujarat and Maharashtra markets. While...