Higher utilisation & good cost controls offset cost pressure UltraTech's (UTCEM) Q4FY18 standalone EBITDA rose 33% YoY buoyed by 31% YoY volume growth (core volume up 8% YoY), and better cost control amid rising input and freight costs. Strong demand bolstered volume growth and boosted utilisation. Continued improvement in energy consumption metrics and lead distance reduction partly moderated the impact of rising energy costs YoY. Amid a good demand outlook, we expect UTCEM to deliver an industry leading 13% volume CAGR during FY18-20E. We also expect UTCEM's margins to benefit from better pricing, UTCEM's economies of scale and prudent cost...