21 October 2019 volumes (including white cement) declined 1% YoY to 18.7mt. Realizations decreased 3% QoQ due to weaker prices in the southern and eastern regions of India. Net sales grew 4% YoY to INR96b. Cost/t declined 1% YoY to INR 4,121/t. Thus, EBITDA/t rose 36% YoY to INR1,026/t (-25% QoQ). While EBITDA grew 35% YoY to INR19b, margin expanded 4.6pp YoY to 19.9%. PAT stood at INR5.8b (+62% YoY). Excluding Century, volumes increased 3% YoY (in-line). Realizations increased 5% YoY (-3% QoQ) to INR5,163 and net sales grew 7% YoY to INR88.6b (in-line). Cost/t declined 3% YoY but increased 3% QoQ due to higher other expenses/t.