Mangalam Cement (MCL) reported a lower than expected operating performance marred by significant deterioration in realizations. A drop of ~12% yoy in average realizations resulted in an operating loss of Rs41mn. Weak operating performance along with higher interest outgo led to a net loss of Rs188mn as against Rs130mn profit seen last year. Nonetheless, we believe that performance in ensuing quarters is likely to improve due to: 1) recovery in realizations (already witnessed an increase of ~Rs25-30/bag in many parts of Northern region from 3rd August 2015 as per our dealers check), 2) sound volume growth along with pickup in utilizations from...