Sagar Cements saw its operating performance decline during the quarter amid weakness in Andhra Pradesh & Telangana markets. Revenues dropped 18% YoY to | 262 crore (vs. I-direct estimate of | 268 crore) on the back of a fall in volumes to the tune of 17% YoY to 0.76 MT. Pricing pressure caused realisations to drop 1% YoY to | 3,431/t (vs. I-direct estimate of | 3,510/t). EBITDA margins contracted ~185 bps YoY to 7.6% YoY (vs. I-direct estimate of 11.7%). Total cost/tonne was up 1% YoY owing to inventory adjustment in the base quarter as well as higher other expenses, which was cushioned...