Shree Cement's Q3FY19 results were better than our as well as consensus expectations, largely driven by lower other expense. The company reported sales/EBITDA of Rs27.8bn/Rs7.1bn which is 1.8%/20% higher than our estimate. While most cost items were in line with our expectations, other expenses were lower on account of forex gain of Rs200mn vs forex loss of Rs800mn last quarter. Adjusted for the same, EBITDA beat is in lower single digit. Volume at 5.93mnMT is up 11.3% YoY compared to our expectation of 10% growth. Aggregate EBITDA/mt at Rs1,197 is up 12% YoY. We maintain our FY19/20 estimates. We expect Shree Cement's EBITDA/ net profit to...