Shree Cement reported strong Q2FY20 results surpassing ours as well as consensus estimates by wide margin. The key driver for this strong beat was better than expected pricing in its key North market. The company reported sales/EBITDA of Rs28bn/Rs8.4bn, up 8.5% and 11% above our estimates respectively. Sales volume at 5.7mn was up 1% YoY against our expectation of a 6% decline. Realisations were flat QoQ (despite having ~30% exposure to East where price correction was severe) against our 3% decline estimate. Total operating costs per tonne declined sharply by 2% QoQ and 7% YoY driven by lower RM costs and other expenses. Aggregate EBITDA/mt at...