ACC posted -37.3%/ -32.9%/ -40.6% YoY de-growth in revenue/ EBITDA/ APAT to Rs26 bn/ Rs5.2 bn/ Rs2.7 bn in Q2CY20 due to 33.3% YoY volume de-growth which was partially offset by 0.6% YoY realization growth (+11.5% QoQ). We expect (-0.6%)/ 7.0%/ 11.5% revenue/ EBITDA/ APAT CAGR over CY19-21E led by -14.6%/ 12.3% volume growth and 3.0%/ 2.0% cement realization growth in CY20E/ CY21E. We broadly maintain our revenue estimates for CY20E and CY21E. We...