Shree Cement (Shree) reported 18% YoY growth in cement revenues primarily on volume growth (+8.7% YoY) and realisation growth (+10.3% YoY). EBITDA grew at 17% and EBITDA/t grew at 18% aided by realisation growth and lower other expenses partially offset by power/fuel and freight cost escalations. Power revenues declined YoY on lower power unit sales. Shree during the quarter commissioned 3.6MTPA and 2MTPA grinding capacities in Sriganganagar, Rajasthan and Aurangabad, Bihar respectively. Additionally company acquired Union Cement Company (4MTPA) in UAE for a consideration of USD304mn (USD75/t). Sustainability of cement demand and realisation trend would be key monitorables...