Strong Performance on Higher Volume and Realisation UltraTech Cement (UCL) reported better than expected growth in its 4QFY18 result mainly aided by robust sales volume and higher average realisation. Reported EBITDA grew strongly by 34% YoY and 38% QoQ to Rs15.8bn, way ahead of our expectations of Rs14.4bn. EBITDA/tonne stood at Rs857 as against Rs841 and Rs726 in 4QFY17 and 3QFY18, respectively. Adjusted for one time Rs2.3bn exceptional item pertaining to stamp duty on acquired units, net profit stood at Rs6.4bn, which is higher than our expectation of Rs6bn. Faster ramp up in utilisation of new acquired units (75% in 4Q), making cash break-even three months ahead, substantial reduction in debt,...