Strong Performance on Higher Realisation; Maintain BUY ACC's reported performance exceeded our estimate in 1QCY18 mainly aided by better-thanestimated average cement realisation. Unlike the expectation of QoQ decline, average realisation improved by 1.3% QoQ owing to higher sales of premium products (~14% of total volume) and meaningful contribution from the Eastern markets. Reported EBITDA surged by 24% YoY and 16% QoQ to Rs4.23bn. Cement EBITDA/tonne stood at Rs573 compared to Rs497 and Rs506 in 1QCY17 and 4QCY17, respectively. Sales volume grew by 7.7% YoY and 2.7% QoQ to 7.11mnT mainly due to strong demand environment in Eastern markets and stabilisation of newly commissioned units in Jamul and Sindri. Notably, operating cost per tonne remained broadly...