Shree Cement's Q4FY18 result was ahead of our estimate, with EBITDA of Rs6.3bn against estimated Rs5.6bn, led by higher incentives (Rs1.1bn against Rs534mn/Rs600mn in Q4FY17/Q3FY18). EBITDA/tonne of Cement stood at Rs956. Sales volume of Cement grew by 8.7% yoy to 6.44mt. Realization grew by 7.4% yoy (5.5% yoy excluding incentives). EBITDA of Cement expanded by 14.4% yoy. EBITDA/tn stood at Rs956 against Rs908/Rs1,004 in Q4FY17/Q3FY18. Ex-incentives, EBITDA/tn...