Mangalam Cement reported a good set of Q2FY19 numbers. Revenues increased 21.3% YoY to | 287.9 crore (above I-direct estimate of | 252.9 crore) mainly led by 21% YoY increase in volumes to 0.73 MT (vs. I-direct estimate of 0.65 MT). Realisations broadly remained flat YoY but remained better than our estimates EBITDA/tonne declined 57.3% YoY to | 193/t due to higher power cost/t (up 63% YoY driven by higher pet coke prices). However, it remained better than our estimates as the company accounted for...