SRCM's 2QFY22 result beat our estimate on account of: a) higher Power sales, which offset the impact of weaker Cement realization and 4% miss on volumes, and b) lower freight costs. Blended EBITDA/t declined by 4% QoQ to INR1,421/t v/s our estimate of INR1,236/t. We broadly maintain our FY22E/FY23E/FY24E EBITDA estimate, but raise our EPS estimate by 15%/1%/11% to factor in higher other income and lower depreciation cost (in line with its 1HFY22 run-rate). We maintain our...