JK Cement's results were broadly in line with our estimates on the revenue front whereas EBITDA, PAT exceeded our expectations. Revenues remained flat YoY to | 1,100.6 crore (vs I-direct estimate: | 1,089.3 crore) with blended volumes falling 2.9% to 2.16 MT (vs. I-direct estimates of 2.25 MT). However, blended realisations improved 2.5% YoY (Grey: up 1.6% YoY, white: up 4% YoY) due to base impact and higher share of trade segment to total sales in our view Blended EBITDA/tonne declined 15.6% YoY to | 786/tonne (vs. I-direct...