Ultratech Cement (UTCEM) Q2FY22 EBITDA was in-line with our estimate. Opex/t was up Rs389/t QoQ and 40% of it is driven by higher other expenses. Q2FY22 power and fuel cost increased by Rs47/t QoQ (4% QoQ) and is lower than our estimate due to low cost inventory, fuel cost efficiencies and higher consumption of green power. On pricing front, UTCEM has increased its prices by Rs10-15/bag in Oct-21 to offset the cost inflation. And has guided for EBITDA margin of 26-28% for the coming quarter. It has commissioned 1.2mt brownfield expansion in the Eastern markets and re-iterated to commission total 4mtpa in FY22E and 15mtpa in FY23E. UTCEM's balance sheet...