Grey cement volumes decline; white cement volume growth healthy: Grey cement volumes (incl. clinker) decreased 3% YoY to 1.97mt, while white cement volumes were up 21% YoY to 0.34mt in 1QFY20. Combined realizations stood at INR5,753/t (+19% YoY;+11% QoQ). Revenue increased 19% YoY to INR13.3b (our est. of INR12.7b). Healthy realizations boost profitability: Blended EBITDA/t increased 102% YoY to INR1,315 due to healthy realization, partially offset by 6% YoY rise in cost/t. EBITDA grew 102% YoY to INR3.03b (our est. of INR 2.6b), with margin...