our/consensus estimates. The marginal beat came largely on account of better than expected volume growth (10.5% v/s PLe:+8.5%). In line with our expectation, TRCL's margins fell sharply by 24% QoQ as the competition for volumes intensified in South region post July in wake of weak discipline, poor demand and high price levels. The upcoming new supplies of Chettinad cement, Penna and TRCL would keep region's prices under prolonged pressure. Sharp fall of ~20% in pet coke/thermal coal prices over last six months would help in costs lower by Rs100-120/t in H2FY20E....