Volume growth moderates; better realizations drive margins: Volumes increased 3.4% YoY to 2.7mt in 1QFY20. Cement realizations were up 10% YoY at INR4,989/ton. Consequently, revenue grew 14% YoY to INR13.7b (our estimate: INR12.2b) in the quarter. Blended EBITDA/t increased 42% YoY to INR1,277, with cost/t increasing by 2% YoY to INR3,791. Power EBITDA stood at INR162m, resulting in cement EBITDA/t of INR1,217. EBITDA grew 47% YoY to INR3.5b (our estimate: INR2.6b), with the margin expanding 6pp YoY to 25.2%. PAT was up 54% YoY to INR1.9b (our estimate: INR1.4b)....