Ramco Cements, though facing volume pressure (on account of poor demand in south region), has been benefiting from higher cement prices in the region (led by pricing discipline) where it sells ~ 85% of its cement output. The company's operating margin improved significantly in FY15 (EBITDA/t increased 45% YoY to Rs 863/t) as its net cement realisation improved by ~ 11% YoY which negated the negative impact of volume de-growth of ~ 11% YoY.