View: Robust realization drives EBITDA/tn growth; Accumulate ACEM posted 1.3% YoY decline in revenue to `29.8 bn due to 8.6% YoY decline in volume whereas realization went up 8% YoY. EBITDA grew 12.2% YoY to `7 bn, however, PAT declined 17.5% YoY to `29.8 bn mainly due to lower other income as dividend from ACC booked in Q1CY19 v/s Q2CY18. We expect 5.5/ 10.8%/ 7.9% revenue/ EBITDA/ APAT CAGR over CY18-20E led by (0.9%)/ 6% volume growth and 7.5%/ 2% cement realization growth in CY19E/ CY20E. ACEM gradually lost market share over last decade....