Cement EBITDA was down 6% YoY as (a) margin per ton declined 9% YoY (-27% QoQ) to INR714/t due to pricing pressure in the South/East, and (b) higher costs on additional freight/promotional expenses. We cut our FY20/FY21 EPS estimates by 7%/ 6% due to expectations of sustained higher promotion spends to push volumes. We maintain EBITDA at INR1.9b (-5% YoY, -32% QoQ) was 21% below est. INR2.5b, implying EBITDA/t of INR714/t (-9% YoY, -27% QoQ) 19% below est. Cement realization declined 5% QoQ to INR4,475/t (+2% YoY, est. INR4,528/t) due to weak pricing in both the South/ East. Cost/t at INR3,780/t (+4%YoY, +1% QoQ) also came in 3% higher than our est. INR3,660/t due to higher freight costs (as clinker was supplied to the new grinding unit started in the East) and higher promotion spends. Revenue at INR12.7b (+6% YoY, -3% QoQ) was also 3% below est.