Ramco Cements (RCL) has reported healthy set of numbers amid subdued realizations as its operating profit grew by ~30% yoy to Rs3.1bn, which is in-line with our estimate. Notably, cost benefits owing to lower fuel costs and healthy operating synergies aided RCL to report cement EBITDA/tonne at of Rs1,487 as against Rs1,276 in Q4QFY15. Demand pick-up seen in neighbouring Southern states helped RCL to witness a sales volume growth of 11% yoy to 2.08mnT (including 0.04mnT export). Notably, a healthy correction in freight cost/tonne (-16% yoy due to change in geographical mix led to low lead distance) and power & fuel cost/tonne (-29% yoy and -12% qoq owing to improved...