6 November 2018 Grey cement volumes (incl. clinker) declined by 3% YoY to 1.87mt and white cement volumes by 2% YoY to 0.29mt in 2QFY19. Grey cement realizations stood at INR4,005/ton (+5% QoQ) and white cement realizations (incl. putty) at INR11,664 (+4% YoY; -1% QoQ). Revenue declined 1% YoY to INR11b in the quarter. QoQ (+6% YoY) to INR4,310 due to higher power & fuel cost/t (+5% QoQ) and other expenses/t (+12% QoQ), partly offset by lower freight cost/t (down 4% QoQ due to lower lead distance and higher direct dispatches). EBITDA declined 18% YoY (+13% QoQ) to INR1.7b, with the margin contracting 3.3pp YoY (+1.9pp QoQ) to 15.4%. Blended EBITDA/t declined 16% YoY (+21% QoQ) to INR786. Consequently, PAT declined by 26% YoY to INR647m in the quarter.