Heidelberg Cement reported strong Q1FY20 results with volumes displaying resilience to soft demand. Revenues increased 8.5% to | 582.4 crore (above I-direct estimates of | 510 crore) contributed entirely by realisations growing 9.3% YoY to | 4630/t. While we expected volumes to decline to 1.14 MT. They broadly remained flat at 1.26 MT. The company clocked an EBITDA/t of | 1200/t for the quarter (vs. I-direct estimate of | 848/t) while margins expanded 430 bps YoY to 25.9% on the back of strong realisations. EBITDA witnessed 30% YoY growth to ~| 151 crore (above I-direct estimate of...