Shree Cement (SRCM) EBITDA for Q4FY20 was 15% / 8% higher than our / consensus estimate. Beat is led by a) higher subsidy income, and b) lower opex/t. SRCM has booked subsidy income of Rs1.2bn in 4Q vs Rs1bn subsidy booked over 9MFY20. Opex/t was flat QoQ, and was led by lower raw material cost and other expenses. SRCM has resumed production starting 20th April but we expect it to witness volume growth only post monsoon. We have modeled volume to decline by 14% YoY and EBITDA/t to reduce to Rs1,398 vs Rs1,487 YoY in FY21E. We maintain estimate and retain TP of Rs16,418 (valued at 15x FY22E EBITDA). Stock trades at a premium...