Healthy volume and cost benefit lead to healthy performance India Cements' (ICL) reported performance was impressive and ahead of our estimates as its operating profit grew by ~16% yoy & ~45% qoq to Rs2.11bn v/s our estimate of Rs1.62bn. Improved utilizations (~68% in 4QFY16 v/s ~58% in 9MFY16) along with substantial drop in variable costs (fuel and freight) dragged operating cost/tonne to Rs3,756 (-5% yoy & -6% qoq). Sales volume improved strongly to 2.48mnT (+18% yoy & +28% qoq) owing to robust demand in AP/ Telangana markets. Realizations were tepid with ~4% qoq decline owing to price...