Aided by improved operating synergies and solid realizations recovery, Mangalam Cement (MCL) has reported robust performance in 1QFY17 with its operating profit at Rs471mn (vs. Rs40mn loss in 1QFY16), which is higher than our estimate of Rs346mn. Operating cost/tonne declined ~13% yoy mainly owing to significant dip in power and fuel costs (down by ~33% yoy & ~6% qoq on per tonne basis) on account of low clinker production, higher wind power generation and increased usage of petcoke. EBITDA/tonne came in strongly at Rs778 in 1QFY17 vis--vis Rs462 in 4QFY16. However, its sales volume remained tepid (flat on yoy at 0.61mnT...