Q2FY21 revenue grew 7.6% YoY led by higher volume (~20%YoY), largely supported by higher rural demand. EBITDA margin expanded 580bps to 27.3% on higher utilization and stringent cost reduction measures. PAT surged 55.1% YoY, while adj. PAT rose 113.1% YoY after adjusting for exceptional item. While volumes have improved, clinker-to-cement conversion ratio has also improved by 2% YoY thereby aiding margin growth. Considering higher volume growth, robust utilization, we are positive...