18 July 2019 Volumes declined 0.6% YoY to 7.2mt in 2QCY19. However, premium product volumes were up 9% YoY. Cement realizations increased 8% YoY (+12% QoQ) to INR5,255, led by healthy price hikes in the quarter. Revenue grew 8% YoY to INR41.5b (our Blended cost/t increased 6% YoY (+4%QoQ) to INR4,678. However, blended EBITDA/t was up 18% YoY (+53% QoQ) to INR1,086 due to healthy realizations. Consequently, EBITDA Operating margin came in at 18.8% (+1.5pp YoY, +5.3pp QoQ). Adj. PAT volumes were up 11% YoY. (2) Power & fuel cost/t increased 9% YoY due to higher premium on e-auction coal and increased pet coke/imported coal prices.