UltraTech Cement (UTCEM) has reported a lower-than-expected performance in 2QFY20 mainly led by subdued performance of Century assets and lower-than-expected sales volume. Reported EBITDA (restated with corresponding period) grew by 29% YoY (-35% QoQ) to Rs18.1bn vs. our estimate of Rs19bn, as Century assets generated a mere Rs60 unitary EBITDA. However, at the company level, EBITDA/tonne stood at Rs1,020 compared to Rs776 in 2QFY19 and Rs1,364 in 1QFY20. Its sales volume (including Century assets of 1.74mnT) declined by 2% YoY to 17.77mnT vs. our estimate of 19mnT. Opex/tonne deteriorated by 1.3% YoY and 4% QoQ to Rs4,188 mainly led by higher-than-expected increase in other expenditure/tonne (+11% YoY and +4% QoQ) on...