Ramco Cements Q1FY16 Revenues (flat YoY) & EBITDA (up 63% YoY) were lower than estimates on account of lower than expected volumes which declined 15% YoY (vs. estimate of 9% decline). EBITDA/ton at Rs 1230/t (in-line with estimate) improved sharply by 92% YoY (on better realisation & moderation in variable costs) leading to net profit growth of 169% YoY. Going ahead, we have reduced our EBITDA estimate for FY16E by 3% factoring in lower cement volumes.