ICICI Securities Ltd | Retail Equity Research India Cement's results are not directly comparable with our estimates due to adoption of new accounting standard Ind-AS. During the quarter, the company reported sales including excise duty of | 1202.5 crore. Adjusting for excise duty, revenues declined 1.5% YoY to | 1,052.5 crore (below I-direct estimate of | 1,083.5) mainly due to 11.0% YoY decline in realisation while volumes increased 10.1% YoY led by volume push outside the southern region (mainly to Maharashtra)...