15 August 2020 The Ramco Cements (TRCL) 1QFY21 results highlight the companys continued market share gains. Volumes declined only 28% YoY for TRCL (v/s 53% YoY decline for regional peer India Cements). Cement EBITDA/t also improved to INR1,283 (+34% QoQ), led by higher prices in the South. We maintain our FY21/FY22E EPS estimates and retain valuation at 13.0x FY22E EV/EBITDA prices in the benefit of the expansion- led market share gains. Commissioning timelines of ongoing expansions have also been pushed ahead by 2-3 months due to COVID-19 disruption. Revenue/EBITDA/PAT was down 24%/ 25%/ 43% YoY to INR10.4b/INR2.6b/INR1.1b, but was 8% above est. for all three numbers due to better than expected volumes. Sales volumes declined 28% YoY to 1.94mt (v/s est. 1.76mt), better than industry that declined by ~50% YoY in South India.