The key positive trend during the quarter was Shree Cement (SCL) reporting industry leading margins at ~30% (vs. I-direct estimate: 28.5%) despite a rise in cost of production (up 8% YoY) on account of higher freight and other costs and rise in employee costs due to increments. EBITDA grew 9.1% YoY (8.1% QoQ) to | 1177.2 crore, led by improved sales volume (up 19% YoY to 8.22 MT) and better realisations. Further, the company managed to keep production cost at | 3,350/t, lowest in the Industry. SCL aims to double its capacity every seven years. The current cement capacity is at 44.4 MT...