UltraTech reported strong Q4FY19 numbers, owing to 15.4% YoY growth in volumes and controlled costs. EBITDA at Rs10.2bn is 17% above consensus estimates and 14% above our estimates. Key earnings highlight was faster turn-around of recently acquired Binani plants (UltraTech Nathdwara Cement Ltd) which reported EBITDA/mt of Rs830/mt. Only blemish in the result was flat realisations on QoQ basis despite increase in prices in various regions. Operating costs/mt declined by 1.6% YoY and 6.2% QoQ. EBITDA/mt as a result came at Rs1,039/mt against Rs 777 in Q3FY19 and Rs922 in Q4FY18. We believe that UltraTech will continue to deliver industry leading volume...