India Cement reported a mixed set of Q4FY19 numbers with topline, volumes beating our estimates but missing estimates on the profitability front. Revenues grew 11.9% YoY to | 1564 crore led by 7.8% YoY growth in volumes to 3.33 MT (vs. I-direct estimate of 3.15 MT). Realisations were at ~| 4,700/t, up 3.8% YoY (vs. I-direct estimate of ~ | 4,645/t). Topline includes | 20.25 crore pertaining to subsidy receivable from Rajasthan government (sanctioned to Trinetra Cement that has been merged with India Cement). EBITDA margins witnessed a 95 bps YoY expansion to 12.3% (vs....