Inline quarter; East expansion will be a key monitorable Dalmia Bharat (DBEL) reported 1QFY19 results In-line with expectation. DBEL reported revenue growth of 16% YoY, led by volume growth (13% YoY) on rising demand in key markets. Blended realisations grew by 3.7% on a sequential basis and was 2.5% higher YoY. Cement EBITDA/t at INR1,135/t declined 19% YoY as variable cost escalations more than offset the realisations improvement. Net debt at INR 34.28bn, declined by INR 850mn in 1Q. Subsequently net debt-to-EBITDA remained stable at 1.71x and cost of debt remained stable at 8% (8.3% in 1QFY18). Company's 7.8MTPA expansion in Eastern India is on track and...