Lower realisation growth leads to miss in performance Volume growth to resume in FY21E; sales mix improving Owing to elections, heavy monsoons in several states and overall weakness in the economy, 9MFY19 volumes for cement growth remained flattish. Volumes have also remained flat for the first nine months. For FY20E, we expect the company to report ~3% decline in volumes (Q4FY19 being a very high base quarter). Led by expectations of a revival in the demand scenario, we expect healthy growth in FY21E. Realisations are also expected to grow...