Shree Cement (SRCM) Q1FY21 EBITDA was higher than our estimate. Beat in the number is driven by lower a) volume decline at -22% vs our est. of -35% and b) other expenses at Rs3.5bn vs est. of Rs4.4bn. But vis--vis the industry which has witnessed QoQ increase in the profitability (EBITDA/t), SRCM reported decline in EBITDA/t at Rs1460 (-10% QoQ). This is due to flat realization and higher freight cost at +10% QoQ. We have factored better than estimated number of Q1FY21 in full year estimate and revised EBITDA up by 12/11% for FY21/22E respectively. TP is revised to Rs19,903 (earlier Rs16,418). But retain REDUCE rating on the stock, as we understand SRCM...