Shree Cement (SRCM) Q3FY21 EBITDA was higher than our estimate by 13%. Beat in the number is driven by volume, as SRCM reported volume growth of +15% YoY vs. our estimate of 10%. Sales in North, East led SRCM to report double digit volume growth. Post the result, we have changed volume assumption and increased EBITDA by 5%/6% (exhibit 9) for FY22E/23E. TP is revised upward to Rs22,517 (earlier 21,472), valued on an unchanged EV/EBITDA multiple of 18x. Stock in the last one month is down by 13%, this has made us to revise our rating to HOLD from REDUCE earlier. SRCM valuation...