We maintain our CY20/21 Volumes were up 4% YoY at 7.8mt, driving a 4% YoY increase in revenue to Unitary cost declined 1% YoY (-2% QoQ) to INR4,536/t. Cost reduction was a result of better source mix optimization, logistics efficiency and better However, cement realization declined 5% QoQ (+0.5% YoY) to INR4,615/t Subsequently, EBITDA/t declined 19% QoQ (+7% YoY) to INR697 (our 9%; margin was at 13.3% (+0.81pp YoY, -2.46pp QoQ). Packing material cost ACC has faced significant de-rating over the past five years and now trades at 35-55% discount to peers such as Shree Cement, UltraTech and Ramco. Further, ACCs ongoing 18% capacity expansion in central India provides further headroom for strong volume growth post CY21. We expect RoE to improve further post commissioning of the ACC has faced significant de-rating over the past five years and now trades at 35-55% discount to peers such as Shree Cement, UltraTech and Ramco.