21 October 2019 2QFY20 cement volumes were up 8% YoY to 4.47mt while blended realizations were down 1.6% YoY (-10% QoQ) to INR5,002/t, led by weak pricing in the South/East. Revenue grew 7% YoY to INR22.3b. EBITDA stood at INR4.7b (in line with est.) with margin at 21% (+2.6pp YoY; -5pp QoQ). Company has changed the method of depreciation in its north-eastern capacities from straight line to written- down value method from 1 Jul19. As a result, depreciation charge for 2QFY20/1HFY20 is higher by INR670m/INR840m and deferred tax credit for 2QFY20 and 1HFY20 is higher by INR290m due to higher reversal of depreciation during the tax holiday period. Adj. PAT after minority interest stood at INR 270m v/s INR10m in 2QFY19. Slag prices for the quarter stood at INR1,180/t in 1QFY20 and INR1,385/t in 2QFY19.