Ramco Cements (RCL) has delivered a healthy performance in 2QFY17 with its operating profit growing by ~27% yoy to Rs3.07bn (vs. our estimate of Rs2.56bn) primarily due to better-than-expected sales volume, which rose 18.9% yoy to 2.03mnT. Average realizations remained firm at Rs4,769/tonne (-2% yoy & +5% qoq) aided by price recovery in AP/Telangana markets. Further, operating cost/tonne declined by ~6% yoy as power & fuel cost/tonne (-26% yoy & 5% qoq) remained under control with higher usage of petcoke and low cost inventory. Notably, cost benefits and healthy operating synergies aided RCL to report cement EBITDA/tonne at Rs1,509...