Ramco Cements continued its outperformance and reported strong Q2FY20 results. The beat was led by strong volume growth with other operational parameters coming broadly in-line with I-direct estimates. Revenues during the quarter increased 11.2% YoY to | 1316.7 crore, led by 10.3% growth in volumes to 2.72 MT (vs. I-direct estimate of 2.6 MT). Blended realisations improved marginally by 0.8% YoY to | 4,834/t (vs. I-direct estimate of | 4,797/t). On the operational front, total costs per tonne declined 1.1% YoY, in line with I-direct estimates. Further combined with a marginal...