HeidelbergCement India (HEIM) continued to deliver steady performance in 2QFY20 despite moderate deterioration in opex. EBITDA grew by 9% YoY to Rs1.2bn vs. our estimate of Rs1.15bn, while EBITA/tonne stood at Rs1,060 vs. Rs980 and Rs1,199 in 2QFY19 and 1QFY20, respectively. While sales volume remained muted at 1.13mnT (+1% YoY), average realisation remained upbeat at Rs4,581 (+7.5% YoY and -1.1% QoQ). Notably, opex/tonne surged to Rs3,522 (+7.3% YoY and +2.7% QoQ) owing to 8% YoY and 13% QoQ rise in other expenditures/tonne, while input cost/ tonne stood at Rs1,900 (+11.5% YoY and +2% QoQ) mainly impacted by increase in grid charge in MP and UP and higher flyash prices. As company continued to follow old taxation regime...