Faded performance; Maintain BUY on better expectations India Cements Ltd's (ICL) operating performance came in below the expectation and was impacted by a slide in average realizations (-3% qoq) and a spike in raw material costs/tonne (+15% yoy). EBITDA declined by ~8% yoy to Rs1.46bn as against the estimate of Rs1.57bn. Cement EBITDA/tonne came in at Rs743. Sales volume, however, remained tepid at 1.94mnT (-8% yoy and -11% qoq) owing to persistent weak demand in its key markets and severe flood in Tamil Nadu. Reported net profit came in below the expectation at Rs55mn v/s net loss of...