India Cements (ICEM)'s 4QFY21 EBITDA came in 4% below estimate due to higher costs. This was partly attributable to higher selling in the faraway markets of East and Central, which offset weaker demand in South the company's core market. Capacity utilization stood at just 57% in FY21. Net debt declined 15% YoY to INR30.0b in FY21 as the company repaid INR5.3b worth of debt on strong OCF and negligible capex. We raise our FY22E/FY23E EPS by 5%/17%, factoring in lower interest costs from deleveraging as the company continues to delay its capex plans. It...