Robust Performance on Steady Realisation & Cost Benefits JK Cement (JKCE) continued to report a strong set of numbers in 3QFY20 amid challenges as its reported EBITDA grew by a strong 42% YoY to Rs2.78bn broadly in-line with our estimate. Unitary EBITDA for grey cement stood at Rs770 vs. Rs433 in 3QFY19 and Rs824 in 2QFY20. While sales volume of grey cement, including clinker, grew by 3.5% YoY, average realisation came in at Rs4,355/tonne (+10% YoY and -2.5% QoQ) broadly in-line with our estimate. Operating cost/ tonne declined by 1.5% QoQ to Rs4,404 despite sequential rise in input cost. JKCE noted that continued high cost of fuel inventory from RIL did not let the benefit of lower fuel prices reflect in...