Revenue and EBITDA broadly in line, however PAT above estimates. UTCEM posted 13.1% YoY de-growth in revenue to Rs107.5 bn due to 15.7% YoY volume decline to 21.4 mt which was partially offset by 3.0% YoY rise (+1.2% QoQ) in realization to Rs5,012/tn. EBITDA/ APAT grew (3.9%)/ 6.5% YoY to Rs24.4 bn/ Rs11.3 bn. We 0.9%/ (-1.3%)/ 2.1% revenue/ EBITDA/ APAT CAGR over FY20-22E led by (-15.1%)/ 20.0% volume growth and (-1.0%)/ 1.0% realization growth in FY21E/ FY22E. We expect EBITDA/tn to marginally cool off to...