Better Operating Performance amid Muted Volume; Maintain BUY Sagar Cements (SGC) reported better-than-estimated operating performance despite steeper -than-expected decline in average realisation. Reported consolidated EBITDA stood at Rs424mn (+101% YoY and -46% QoQ), which was higher than expectations of Rs403mn, while EBITDA/ tonne stood at Rs596 vs. Rs294 in last year and Rs959 in 1QFY20. We note that better-thanexpected improvement in opex/tonne at Rs3,138 (-4.9% YoY and -3.1% QoQ) led to performance beat, despite average realisation declining by a steep 11% QoQ. A significant reduction in input cost/tonne (-2.7% YoY and -5.9% QoQ) mainly owing to reduction in power & fuel cost led to improved opex. Sales volume broadly remained muted at 0.71mnT (-0.9% YoY and -13.4% QoQ)....