Dalmia Bharat (Dalmia) reported inline EBITDA, as sharper than expected drop in realisations was offset by cost control measures. Volumes reported marginal growth of 4% QoQ (+6% YoY), as the core markets were impacted by heavy monsoons. Cement realisations declined by 7% QoQ (+2.5% YoY; -2% vs. JMFe), owing to sharp drop in prices in East/South.