Strong Performance Continues Despite Tepid Volume Growth Notwithstanding dismal sale volume, ACC has reported a strong performance in 3QCY19 aided by higher-than-estimated average realisation and reduction in unitary opex. Its core operating profit grew by a strong 32% YoY to Rs4.9bn. EBITDA/tonne stood at ~Rs747 (as against Rs547 in 3QCY18 and Rs943 in 2QCY19), which is ~Rs200/tonne higher than our estimate. The variance is primarily led by: (a) higher realisation (Rs80/tonne above our estimate); and (b) lower opex (~Rs110/ tonne below our estimate). Notably, higher sales in North and Central regions (~40% of total) and persistent volume traction in premium and value added products were the prime reasons for better...