UltraTech's (UTCEM) Q3FY18 standalone EBITDA rose 14% YoY buoyed by 35% YoY volume growth (core volume up 14% YoY) as UTCEM capitalised on strong demand from infrastructure and low cost housing and as it has been efficiently ramping up the JPA's acquired assets. Aggressive volume push resulted in flattish NSR YoY. Improving energy consumption and logistics efficiencies partly moderated impact of rising energy cost YoY. Amid improving demand outlook, we expect UTCEM to deliver 15% volume CAGR during FY17-20E, largely led by capacity ramp-up of the acquired assets. We also expect UTCEM's...