ACC'S Q2CY21 EBITDA is 23%/ 21% higher than our/consensus estimate. Beat in the number is led by volume and realization. Volume in the quarter has decreased by 15% QoQ versus estimate of -21% QoQ. Cement Realization increased by 8% QoQ and was supported by sale of premium cement. We have factored beat in Q2 result in CY21/22 financials and this has resulted in increase in the EBITDA by 5%/8% (exhibit 10). After covid 2 related lockdown, ACC has seen pick up in the volume in June-21 and profitability (EBITDA/t) led by realization has increased sharply. We value the stock at...