UltraTech Cement (UTCEM) has reported a better-than-expected operating performance in 1QFY20 despite miss on volume front. EBITDA grew by a stellar 57% YoY (+15% QoQ) to Rs25.5bn mainly led by superior and higher-than-expected realisation. Witnessing a sharp up-tick of 13.2% YoY and 12% QoQ, cement realisation/tonne came in at Rs5,018. EBITDA/tonne stood at strong Rs1,428 in 1QFY20 vs. Rs928 in 1QFY19 and Rs1,039 in 4QFY19. However, sales volume grew by mere 2% YoY to 17.86mnT, missing our estimate of 18.5mnT. Higher realisation growth was mainly supported by sharp uptick in realisation across the pockets, higher premium products sales volume (+28% YoY), less discount/incentives and higher traded sales volume. Further,...