Muted Performance on Plant Shutdown & Cost Pressure Mangalam Cement (MCL) has reported a poor performance in 1QFY19 led by kiln shutdown and elevated cost pressure. Plant shutdown for up-gradation with a view to complying with environment norms led to ~0.15mnT loss in clinker production. Reported EBITDA declined by a steep 88% YoY and 61% QoQ to merely Rs45mn, while EBITDA/tonne came in at Rs70 vs. Rs626 and Rs148 in 4QFY17 and 3QFY18, respectively. Operating cost/tonne jumped by 13% YoY and 3% QoQ to Rs3,841 mainly led by sharp rise in Power & Fuel cost/tonne (+28% YoY and +4% QoQ) and RM cost/tonne (+30% YoY and +12% QoQ). Average realisation stood at Rs3,910/...