21 October 2019 Volumes grew by a muted ~1.5% YoY to 5.72mt. Realization was up ~9% YoY (-1% QoQ) to INR4,654/t (our line), power revenue was down 22% YoY to INR1.4b (26% miss). As a result, total revenue of INR28b (+8% YoY) came in line with our estimate. Total cost/t of INR3,201/t (-2% YoY/QoQ) was below our estimate of INR3,277/t due to lower freight cost (down 8% QoQ to INR1,013/t). Cement EBITDA/t thus came in 16% above our estimate at INR1,453/t (+46% YoY) and the highest in the last 10 years. Power EBITDA, however, was weaker than expected at INR130m (- 68% YoY, -54% QoQ) due to lower realized tariff. Tax rate stood at 23% for the quarter. Adj. PAT was up 36% YoY to equity raise of up to INR30b (5% dilution at CMP). Performance was strong with revenue/EBITDA/PAT up 3%/40%/33% YoY to INR58b/INR17.5b/INR6.