OCL India reported better-than-estimated EBITDA at Rs1.76bn against expectation of Rs1.63bn and operating margin of 25.0% (vs. estimated 22.1%) primarily led by lower costs. Cement sales volume (including clinker) grew 13.2% yoy to 1.54mt, in-line with our estimates. However, realization at Rs4,084 (decline of 10.3% yoy/8.1% qoq) was below our estimate of Rs4,401/tn. We believe that realization could also be impacted because of IND-AS adjustments. Opex/tn for cement segment declined by 17.4% yoy led by saving in energy cost/other expenses leading to growth in EBITDA (derived) to Rs1.7bn (+31.2% yoy) and EBITDA margin (derived) of 27.7% (expansion of 6.3pp yoy). Derived EBITDA/tn was at...