Shree Cement (SRCM) has reported a stellar operating performance in 1QFY20 with EBITDA surging by a sharp 57% YoY to Rs9bn (vs. our estimate of Rs8.3bn) mainly led by higher-thanestimated recovery in average cement realisation. EBITDA/tonne came in at multi-year high of Rs1,443 as against Rs863 and Rs1,103 in 1QFY19 and 4QFY19, respectively. While average cement realisation recovered by strong 14.5% YoY and 11.3% QoQ to Rs4,703, cement operating cost/tonne stood at Rs3,260 (+0.5% YoY and +4.4% QoQ). On the flip side, sales volume (including clinker of 0.23mnT) was subdued, as it declined by 13% YoY and 17% QoQ to 6.06mn.T SRCM commenced commercial production at Seraikela (Jharkhand) GU on 26th Jun'19 having capacity of 2.5mnT, while 3mnT Cuttack SGU (capex of Rs4.25bn) is to be commissioned in...