ACC's Q2CY18 results were a beat on all fronts with sales/EBTIDA/PAT higher than our estimates by 18%/27%/26%, respectively. Sales grew by 14% YoY to Rs37,679 mn driven by higher volumes as well as realization. RMC sales volumes were strong at 0.77 mn cbm (+22% YoY). EBTIDA increased 10% YoY (higher than our forecast) to Rs5,435...