However, we expect 4Q realization to be flattish YoY in Maharashtra and lower in south (-7%) and east (-4% YoY) markets, hit hard by weak pricing in 2Q/3Q. North-east prices are 3% higher YoY in 4Q, as per our checks. Thus, companies with large exposure to north/Gujarat/central markets will continue to enjoy realization tailwinds in 4QFY20. Our pan-India dealers check suggests that cement demand and prices have improved across India during Jan/Feb 2020. This has helped cement prices to cumulatively increase by ~Rs15-30/bag during these two months (higher recovery in East). These suggest strong pricing to sustain across North/Gujarat/Central markets (+7-14% YoY in 4QFY20).