Our interaction with cement dealers across India suggest that an average cement price has increased by 1% MoM in June-21 and thus Q1FY22 average cement price is up 6% QoQ. Cost has moved up too with imported coal is up 14% QoQ and freight index is up 4% QoQ in Q1FY22. On demand front, we are modeling in cement demand in Q1FY22 to be lower by 25% versus Q4FY21. But despite lower volume, EBITDA/t is expected to improve on QoQ in Q1FY22 (exhibit 12). This will be driven by higher realization. Historically realization has been strong until monsoon and then it starts receding. We are expecting softness in realization going...