Easing cost pressures drive margins: Total cost/t declined 2% YoY. Power EBITDA at INR430m, resulted in cement EBITDA/t growing 15% YoY to INR1,103/t). Thus, EBITDA was up 35% at INR8.5b (in-line). Overall, margins were up 3.4pp YoY at 25.8%. Tax rate stood at 20% in 4QFY19 v/s 13% in 4QFY18, thus, reported PAT declined 20% YoY to INR3.2b (our est. INR3.5b). Key highlights: (1) Company has announced a cement grinding unit of 3mt at a capex of INR5.2b in Pune; it should get commissioned by Sep'20. (2) 4QFY19 average fuel cost has decreased to INR8,670/t from INR8,900/t in...