UltraTech (UTCEM) reported weak Q2FY20 numbers as expected, largely driven by 3.3% QoQ decline in pricing and 1.7% YoY decline in volumes. During the quarter, UTCEM has consolidated results of Century's cement business and hence there is some variation in our estimates and actuals. Century cement business reported revenue/EBITDA/PAT (loss) of Rs7460mn/Rs100mn/(Rs1000mn) respectively during the quarter. Total EBITDA at Rs18.1bn is 3.5% above our estimates and 6% below consensus. EBITDA/mt at Rs1,020 is sharply lower compared to last quarter on account of weak profitability of Century assets and weak realisations in East and South region. From the earlier...