Ramco Cements (RCL) reported healthy set of numbers and better operating performance amid subdued demand environment as EBITDA grew 1.4x yoy to Rs2.44bn as against our estimate of Rs1.91bn. Strong growth is purely on account of ~6.5% yoy jump in average realizations and a meaningful correction in operating cost/tonne (down 13% yoy and 1% qoq). Cement EBITDA/tonne stood at Rs1,512 as against Rs583 seen last year. 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 (-23% yoy and -11% qoq owing to improved plant efficiency and...