For Q1FY2021, The Ramco Cements (Ramco) reported better-than-expected performance on all fronts. The company's standalone revenue stood at Rs. 1,042 crore, down 24.7% y-o-y, which was led by a decline of 28.3% y-o-y in cement volume affected by COVID-19 led nationwide lock down in April 2020. The blended realization was up 5.8% y-o-y (up 10.6% q-o-q) led by a steep increase in cement prices in the southern region. The company also performed better on operational front with EBITDA/tonne at Rs. 1161 (up 3.7% y-o-y) which was aided by higher realization along with lower power & fuel costs (down 20.8% y-o-y on per tone basis). However, adjusting for the ESOPs...