Shree Cement's Q4FY19 results were in line with our expectations with EBITDA of Rs8.5bn, up 35% YoY, largely driven by lower operating costs and healthy volumes. The company reported sales/PAT of Rs32.8bn/Rs3.2bn. Lower than expected PAT is on account of higher depreciation related to the new clinker line at Karnataka and lower than expected other income. Total operating costs per tonne declined by 4% QoQ and 2% YoY. Volume at 7.3mnMT is up 14% YoY compared to our expectation of 12% growth. Aggregate EBITDA/mt at Rs1,161 is up 18% YoY. We have tweaked our FY20 estimates and introduce FY21 numbers. We have also moved our valuation forward to...