The Ramco Cements (TRCL)'s 4Q result highlights the adverse impact of higher sales in the East India market, resulting in QoQ decline in EBITDA/t to INR1,399 weighed by both lower realization and higher cost. Our FY22E/FY23E estimates are broadly unchanged. We retain our Neutral rating as we believe the valuation at 13.1x FY23E EV/EBITDA prices in the...