JK Cement reported better-than-expected Q4FY20 numbers, beating our estimates on the operational front. Revenues broadly stayed flat YoY at | 1,477 crore (I-direct estimate: | 1,433 crore). Suspension of operations in end-March led to a 7.3% drop in volume YoY to 2.67 MT (in line with I-direct estimate). Blended realisations grew 6.8% YoY to | 5,533/t (I-direct estimate: | 5,393/t). Higher realisations drove EBITDA margin expansion of 470 bps YoY to 23.4% (I-direct estimate: 21.3%). EBITDA/t jumped 33.6% YoY to | 1,297/t (I-direct estimate: | 1,148/t); EBITDA increased 24% YoY to | 346...