EBITDA grew 33% YoY to INR2.7b in 4QFY21 (34% above our estimate), led by 3% QoQ increase in realization and 2% QoQ decline in cost per tonne. We have raised our FY22E/FY23E EPS estimate by 23%/22% to factor in accelerated deleveraging, which should drive 15% EPS CAGR over FY21-23E. We reiterate our Buy rating on attractive valuations (6.5x FY22E EV/EBITDA) as well as growth optionality from the announced 2.5mtpa expansion in North India through its subsidiary Udaipur Cement Works (UCWL)....