Ramco Cement came out with stable set of results in Q4FY19, ahead of our estimates. Revenue for the quarter grew 22.1% YoY and 26.6% QoQ to Rs 15324 mn against our estimate of Rs 13370 mn. EBITDA for Q4FY19 came at Rs 3251 mn (estimate Rs 2540 mn) a growth of 19.5% YoY and 51.9% QoQ. EBITDA margin expanded 354bps QoQ (-48bps YoY) to 21.2% for the quarter against 21.7% in corresponding quarter last year. EBITDA margin was stable YoY (slight fall of 48bps) despite higher raw material (+24.3% YoY) costs, due to efficiency at the company level. PAT for the quarter stood at Rs 1654 mn which was ahead of our...