Strong volume growth: Prism Cement’s (PRSC) standalone 1QFY17 revenues declined 1.3% YoY to INR12.8b (15% miss) due to a fall in TBK revenue. Amid industry volume growth of 4%, PRSC’s cement volumes rose 13.7% YoY (est. of +6% YoY) to 1.55mt, led by a 9.4%/7.9% QoQ/YoY increase in cement realizations to INR4,111/ton. Motilal Oswal SOTP value for PRSC is INR122/share (EV of USD113/ton, and 9.5x FY18E cement EBITDA, 5x FY18E RMC EBITDA and 8x FY18E TBK EBITDA). PRSC is a play on central India recovery, although its longterm growth is likely to lag peers on the back of limited expansion. Profitability of TBK business remains a cause of concern. Maintain Buy.