Satisfactory Performance Despite Marred by Higher Freight Cost Shree Cement's (SCL) reported operational performance has come in below the expectation and is mainly marred by a substantial QoQ increase in freight cost/tonne (+6.6% QoQ). Reported EBITDA stood at Rs6.3bn (+12% YoY and +11% QoQ) as against our estimate of Rs6.7bn. Cement EBITDA/tonne came in at Rs958 as against Rs908 reported last year and Rs1,080 witnessed in previous quarter. Operating cost/tonne for cement stood at Rs3,200 (+8% YoY and +5% QoQ).Sales volume (including clinker) grew by 8.7% YoY and 21% QoQ to 6.44mnT, while power volume stood at 345 (-21% YoY and +26% QoQ). Net Profit grew by 31% YoY and 20% QoQ to...