Shree Cement's (SRCM) 1QFY20 results were below our expectation but in-line with consensus. SRCM reported EBITDA of Rs9.02bn, up 57% YoY, largely driven by sharp uptick in realizations and controlled costs. The company reported sales/PAT of Rs30.4bn/Rs3.63bn, -1%/30% YoY. Volumes at 6.1 mn mt declined sharply by 13.3% YoY. Considering the additional volumes from the Karnataka plant, which were not present in 1QFY19, the decline in volume from its North and East markets must have been ~20% YoY. SRCM had mentioned during the last conference call that the company will focus on pricing and not on volumes. The change in strategy might have resulted in lower volumes but the...