clinker) increased by 6% YoY to 2.14mt, while white cement volumes increased by 19% YoY to 0.35mt. Combined realizations stood at INR5,098/ton (flat QoQ, +5% YoY), in line with estimates. Revenue increased 13% YoY to INR12.7b, as against our estimate of INR12.4b. As a result, blended EBITDA/t increased +7% QoQ /15% YoY to INR843. EBITDA increased 24% QoQ/YoY to INR2.1b, with margins expanding 1.42pp YoY (+1.11pp QoQ) to 16.5%.