Shree Cement (SRCM) Q2FY21 EBITDA was higher than our and consensus estimate by 37-40%. Beat in the number is driven by volume, as SRCM reported volume growth of +14% YoY. Volume growth is led by all the three regions of SRCM i.e. North, East and South. For FY21E, excluding the covid disruption (Q1FY21) SRCM guides volume growth of +7% to 8% YoY. Post the result, we have changed our volume assumption for FY21E/22E and increase EBITDA by 15%/11% (exhibit 9). We have introduced FY23E financials and roll forward TP from FY22E to FY23E. Our revised TP is Rs21,963 (earlier 20,361) valued on unchanged EV/EBITDA multiple of 18x. But retain REDUCE rating on...