Strong volume growth and stable operating costs During Q3CY18, ACC delivered 10% YoY volume growth aided by strong demand mainly in east and south markets. However, realisation fell 1.7% QoQ amid aggressive competition and seasonal weakness. ACC's productivity improvement muted inflationary impact of slag, energy and diesel price inflation. Consolidated EBITDA/PAT growth of 8%/17% YoY came is lower than estimated, owing to higher than estimated other expenses. We believe ACC's focus on cost controls to keep cost inflation in check, going forward. While ACC's volume growth would moderate during CY19-20E due to lack of new...