Star Ferro & Cement's (SFCL) Q2FY17 results were above our estimates. Revenues increased 17.4% YoY to | 365.8 crore (above Idirect estimate of | 349.5 crore) led by 28.1% YoY increase in volumes to 0.60 MT (vs. I-direct estimate of 0.62 MT) while realisation declined 8.4% YoY to | 6,086 (vs. I-direct estimate of | 5,674). Geographically, the company saw 23.0% YoY growth in volumes in North East and 36.0% YoY growth in volumes outside North East On the margin front, EBITDA margin declined 163 bps to 16.1% led by an increase in raw material expenses (up 52.0% YoY). However, it...