Strong Performance on Better Realisations & Cost-Optimisation Measures HeidelbergCement India (HCIL) has reported a better-than-estimated operating performance in 4QFY18 mainly led by higher-than-anticipated jump in average realisation and cost benefits. Reported EBITDA stood at Rs1.14bn (vs. our estimate of Rs846mn). EBITDA/tonne stood at Rs900 vs. Rs580 and Rs620 in 4QFY17 and 3QFY18, respectively. Average realisation grew by 10% YoY and 4% QoQ to Rs4,137 aided by premium products and FOB pricing. Operational cost/tonne stood to Rs3,237 (+2% YoY and -3.5% QoQ). While RM + Power & Fuel cost/tonne declined by 2.5% YoY and 6.7% QoQ to Rs1,698 mainly supported by higher utilisation, WHRS benefits and cost...