volumes increased 13.2% YoY to 3.85mt. Cement realizations rose 1.3% YoY to INR4,625/t. Consequently, EBITDA/t increased 6% YoY to INR804. 5 May 2019 margin improving 0.9ppYoY to 16.5%. PAT came in at INR1.28b (-2% YoY, our estimate of INR1.05b). For FY19, volumes grew 10% to 13.