For Q4FY2020, The Ramco Cements (Ramco) reported in-line standalone net revenue of Rs. 1,390 crore, down 9.3% y-o-y, on account of a decline in cement volume (down 11% y-o-y) led by COVID-19 led nationwide lockdown in last ten days of March 2020. Blended realisation rose by 1.6% y-o-y (up 5.1% q-o-q) on account of cement price hikes undertaken in the Southern region. Ramco posted positive surprise on EBITDA/tone at Rs. 909 versus our expectation of Rs. 786. The EBITDA/tone was down 5.3% y-o-y owing to higher ad/promotional expense (other expense/tonne up 26.8% y-o-y) at lower capacity utilisation....