For Q2FY20, JK Cement reported a mixed set of numbers. Revenues were 14% higher YoY at | 1254.2 crore (vs. I-direct estimate of | 1,229 crore). This was driven mainly by 10% growth in realisations to ~| 5,600/t (broadly inline with I-direct estimates) and 3.6% growth in volumes to 2.24 MT (vs. Idirect estimate of 2.2 MT). Led by an improvement in realisations, EBITDA margins improved 480 bps YoY to 20.3% but remained below I-direct estimates of 22.1% owing to higher-than-expected raw material costs and other expenses. EBITDA/t for the quarter was at | 1,135/t, up 44% YoY (vs. I-direct estimate of | 1,240/t). Led by improvement in profitability, EBITDA witnessed a 50% increase YoY to | 254 crore (vs. I-direct estimate of | 271.4...