India Cements (ICEM)'s 2QFY21 results highlight the benefit of high cement prices in South India, which led to the highest EBITDA/t since FY14 at INR1,114/t (+102% YoY). Volumes, however, declined 21% YoY due to weak cement demand in South India and market share loss. We raise our FY21/FY22E EPS by 28%/2%, factoring in a strong realization outlook on the back of a strong production discipline in South. However, we retain our Neutral rating on expected market share loss and a valuation of 9.4x FY22E EV/EBITDA, pricing in strong margins....