ACC reported extremely good set of 2QCY19 results, driven by higher than expected realizations. Net sales/ PAT was 3.8%/9.7% above our estimates. EBITDA at Rs7.8bn was 7.8% above ours and 27% above consensus estimate. Key reason for the strong beat has been pricing which at Rs5,306/mt is up 10.9% QoQ against our expectation of 7% growth. Apart from the overall pricing growth in the markets, higher proportion of premium cement sales (up 9% YoY) would have also aided overall growth in pricing. Cement volumes were flat YoY at 7.2mn mt, exactly in-line with our estimates. RMC division reported 11% volume growth but EBIT margins were down to 4.4% compared to 10.2% in March 2019 on account...