EBITDA up 62% YoY on strong volumes and margins 3QFY21 revenue/EBITDA/PAT was up 25%/62%/73% YoY to INR17.6b/INR4.5b/INR2.4b, beating our estimates by 1%/6%/3%. Volumes rose 24% YoY to 3.17mt (est. 3.15mt) Grey Cement was up 25% YoY to 2.76mt and White Cement was up 17% YoY to 0.41mt. EBITDA per ton was up 30% YoY to INR1,417/t (-3% QoQ) on account of lower cost. Blended realization was in-line at INR5,556/t (+1% QoQ; v/s est. INR5,537/t) as pricing remained steady and strong....