J.K. Cement (JKC) has reported an in-line operating performance in 1QFY19, as EBITDA stood at Rs1.5bn (-24% YoY and -17% QoQ) vs. our estimate of Rs1.53bn. Blended EBITDA/tonne stood at Rs657 compared to Rs931 and Rs669 in 1QFY18 and 4QFY18, respectively. Operating cost/ tonne broadly remained flat sequentially at Rs4,169 mainly aided by sharp decline in freight cost/tonne. Notably, Power & Fuel cost/tonne stood at Rs1,065 (+25% YoY and +2% QoQ), while freight cost/tonne came in at Rs1,141 (+4% YoY and -6% QoQ). Average NCR for grey cement stood at Rs3,806/tonne (-4.6% YoY and -2.1% QoQ) mainly marred by subdued realisation in Northern and Southern markets. Grey cement sales volume including clinker of 28k tonne ...