Cement realizations at INR4,392/t (-5% YoY, -5% QoQ) were below our estimate of INR4,542/t due to lower prices in focus 29 January 2019 INR11.4b). Revenue from wind stood at INR9m. Cost/t remained flat YoY (-4% QoQ) at INR3,627 (our prices) and freight cost/t (+2% YoY, led by higher diesel prices) were offset by lower raw material costs/t. Power segment reported EBITDA loss of INR44m in 3QFY19, while Cement EBITDA/t stood at INR784 (-21% YoY/-8% QoQ). Hence, at 17.5% (-4.1pp YoY, -3.2pp QoQ). Adj PAT came in at INR1.01b (-8.4%YoY) as against est. of INR959m as 3QFY18 had extraordinary income of INR 124m related to reversal of provisions for DMF and tax for earlier years.