Q1FY17 Revenue/EBITDA at Rs 7.77bn/Rs 1.17bn was largely in-line with our estimates of Rs 7.69bn/Rs 1.25mn. Volume grew strongly by 28% YoY (led by capacity expansion at Durg in Mar-15) and realisation improved 3% YoY as prices increased in North/Central markets. Total cost/ton declined 4% YoY, primarily on account of decline in power & fuel cost, freight cost and operating leverage benefits. Going ahead, we largely maintain our FY17E/18E EBITDA estimates. We expect ~70% EBITDA CAGR during FY16- 18E driven by ~11% volumes CAGR & improvement in margin (EBITDA at Rs860/t by FY18E from Rs369/t in FY16). Maintain Buy. Karvy maintain Buy with a revised target price of Rs 517. Our TP is based on 9x FY18E EV/EBITDA on standalone business and Rs 20/share to Udaipur Cement works).