Star Cement's Q3FY19 results were a mixed bag. While revenues remained below our estimates, EBITDA and PAT were higher than our estimates due to better margins Revenues during Q3FY19 grew 11.5% YoY to | 417.5 crore (below Idirect estimate of ~ | 459 crore). Sales volumes grew 5.6% YoY to 0.66 MT remaining below our estimates due to lower sales outside NER regions. Realisations grew 5.5% YoY to | 6374/t EBITDA margins remained better than our estimates at 29.5% (above I-direct estimate of 25.9%) in Q3FY19. However, it declined 836 bps...