ACC's reported operating performance marginally exceeded our expectations amid subdued realizations mainly on account of cost benefits. Its operating profit stood at Rs3.69bn vs. our estimate of Rs3.57bn. Operating cost/tonne declined by ~4% yoy and ~7% qoq mainly aided by cost benefits in terms of higher usage of petcoke (50% v/s 8%), softening of additives prices and decline in advertisement cost (~Rs150mn), maintenance cost (~Rs110mn) and packaging cost (~Rs60mn) during the quarter. EBITDA/tonne stood at Rs574 vis--vis Rs704 and Rs405 reported in 1QCY15 and 4QCY15, respectively. Sales volume grew by robust ~9% yoy to 6.36mnT owing to pickup in construction...