Ramco Cements (RCL) reported healthy operating performance amid subdued demand environment as EBITDA grew by ~46% yoy to Rs2.73bn ahead of our estimates of ~Rs2.15bn. Strong growth is on account of ~6% yoy jump in average realizations to Rs5,028/tonne and a meaningful decline in operating costs/tonne (down ~7% yoy). EBITDA margins stood at ~31.3% (best in the industry), which is 1,102bps higher compared to last year. Cement EBITDA/tonne stood at Rs1,409 as against ~Rs785 seen last year. A significant decline in fuel prices along with cost reduction measures adopted by RCL aided in low operating costs. Reported PAT...