Birla Corp has a strong presence on the retail front owing to its distribution network and focus on trade sales, which have a share in excess of 80% of total volume sales. Further, the company has been pushing more of premium cement via its trade channels and higher ad spends. This has led premium products to form 35-50% of trade sales. In turn, this has enabled the company to improve its realisations, which have growm at 6% CAGR over FY16-19, putting the company in the ranks of industry giants, UltraTech and ACC. This, combined with 19% volume CAGR has contributed to...