Healthy Performance on Firm Realisation; Maintain HOLD India Cements (ICEM) has reported a healthy operating performance in 1QFY20 with EBITDA growing by 55% YoY and 26% QoQ to Rs2.4bn vs. our estimate of Rs2.1bn. Cement EBITDA/tonne stood at Rs752 as against Rs489 in 1QFY19 and Rs552 in 4QFY19, respectively. While average cement realisation increased by 8.6% YoY and 4% QoQ to Rs4685/tonne, sales volume de-grew marginally by 1% to 3.04mnT. Notably, cement operating cost/tonne marginally declined by 0.4% QoQ to Rs3,932 mainly led by lower input cost. A consistent increase in higher non-trade sales and tight liquidity conditions especially in the Southern states resulted in further working capital...