UltraTech Cement’s (UTCEM) Q1FY23 consolidated EBITDA at Rs31bn (down only 6.4% YoY), or EBITDA/te at Rs1,236/te (up 11.4% QoQ), was ahead of our / consensus estimates owing to better realisation and astute cost management. Grey cement realisation grew ~7% QoQ led by reduction in the price gap between non-trade and trade sales.