Ultratech Cement (UTCEM) Q3FY21 EBITDA came higher than our / consensus estimate by 9% / 14%. Beat is driven by volume, as we modelled volume growth of 5% vs. reported at 14% YoY. Cement demand until H1FY21 was driven by rural India, and from Q3FY21 UTCEM has witnessed demand in Urban housing market too. Region wise, its plant in East operated at 100% utilization, followed up by North, Central and West at 80%+ and South at 70%. Though, EBITDA/t was down by 3% QoQ driven by inflation in the energy prices. We factored better than expected result in our full year numbers. This has resulted in increase in the EBITDA by 5-6% over FY21-23E (refer Fig 9). Revised...