Lower-than-estimated cost/t supports margins: Unitary cost declined 1% QoQ (+3% YoY) to INR3,415/t (our estimate: INR3,652), led by lower freight/cost. EBITDA/t declined 19% QoQ (-46% YoY) to INR523, with EBITDA at INR324m (-31% YoY/-25% QoQ) as against our estimate of INR236m. PAT declined 82% YoY to INR20m (our estimate: INR25m). Management commentary: (1) SNGI introduced slag cement in the quarter. Higher slag prices led to increased RM cost. (2) The company plans to continue growing higher than industry, with plans to reach volumes of ~2.83mt in FY19. (3) Power & fuel cost was higher YoY in 2QFY19, as the...