31 July 2018 1QFY19 grey cement volumes (incl. clinker) increased 9% YoY to 2.03mt, led by healthy growth in cement volumes, partially offset by lower clinker sales. White cement volumes rose 9% YoY to 0.28mt, driven by healthy growth in the wall putty segment due to ramp-up of new capacity. Grey cement realizations fell 2% QoQ to INR3,807/ton, with the change in ex-factory sales reflected in lower freight cost/t (-5% QoQ). Revenue grew 7% YoY to INR11.16b, led by healthy volumes, partially offset by weaker realizations. EBITDA fell 24% YoY (-17% QoQ) to INR1.5b due to weaker realizations and cost push in the form of higher power & fuel cost/t and employee cost/t. Margin shrank 5.5ppYoY (-0.3pp QoQ) to 13.5%. Blended EBITDA/t declined 30% YoY (-3% QoQ) to INR650.