Century cement's EBITDA/t >Rs900/t. Cost fell by Rs105/t QoQ UTCEM posted strong set of Q1FY21 earnings on the back of lower fixed costs. EBITDA fell 30% YoY at Rs19.6bn, above our/consensus estimates by 22%/18%. EBITDA/t rose 6% YoY at Rs1,400 (PLe:Rs1,170) on the back of 3% YoY reduction in cost and 2.5% increase in realisations. Cement demand positively surprised us as well as the street with decline of...