JK Lakshmi Cement's Q2FY19 results were better than our estimates. Revenues increased 9.6% YoY to | 851.4 crore (above I-direct estimate of | 789 crore) led by 12.6% volume growth to 2.13 MT (vs. I-direct estimate of 1.97 MT) and 2.6% YoY decline in realisation to | 4,003/t (vs. I-direct estimate of | 4,010/t) The EBITDA margin contracted 153 bps YoY to 10.8% (vs. I-direct estimate of 9.6%) due to higher fuel & power cost led by higher...