Shree Cement Limited (Shree Cement) reported lower-than-expected operational performance for Q1FY2021,even as net profit beat estimates led by higher other income and lower depreciation. Standalone net revenues declined 23.4% y-o-y to Rs. 2,326 crore led by 18.6% y-o-y decline in volumes (including clinker) affected by COVID-19 lockdown in April 2020. Blended realisation lagged estimates at Rs. 4,718/tonne(-5.8% y-o-y, +1.3% q-o-q) likely on account of regional sales mix and lower merchant power revenue. EBITDA/tonne at Rs. 1,421 (-4.5% y-o-y, -9.0% q-o-q) came in lower than estimate due to weak realization. Its Opex/tonne was...