Heidelberg Cement reported good set of numbers for Q2FY19. Revenues increased 14.2% YoY to |479.5 crore mainly led by healthy growth in the realisations that were up by 7.6% YoY to |4,262/t (vs Idirect est: |4,120/t). Capacity utilisation also remained healthy at 83% due to pick-up in demand despite lean monsoon season. On the margin front, the EBITDA margin increased 218 bps YoY to 23% (vs I-direct est:16.5%) mainly led by the strong realisations. Company reported highest ever EBITDA/tonne of |980/t (vs I-direct estimate of | 681/t) as it was also able to reduce the effect of...