Healthy realizations drive cement profitability: 1QFY20 revenue inched up 1% YoY (-10% QoQ) to INR15.1b (in line with our est.). Cement volumes grew a modest 2%YoY. However, combined cement & clinker volume declined ~7% YoY, which can be attributed to a sharp fall in clinker volumes. Cement Division's EBITDA/t improved to INR1,111 as against INR1,009 in 1QFY19, mainly due to higher realizations offsetting the overall increase in costs. TBK reports EBIT loss; RMC EBIT impacted by high cement prices: TBK's revenue increased 6% YoY to INR4.2b. Segment volumes increased 3% YoY....