Heidelberg Cement's Q2FY17 results were lower than our estimates on the revenue and profitability front. Revenues (excluding excise duty) declined 3.1% YoY to | 384.2 crore (below I-direct estimate of |419.7 crore) led by 5.7% YoY decline in volumes to 1 MT (vs. Idirect estimate of 1.1 MT) while realisation increased 2.7% YoY to | 3842.2 (vs. I-direct estimate of | 3815.0) EBITDA margin increased from 11.1% to 15.6% (vs. I-direct estimate of 16.8%) in Q2FY17 mainly led by decline in RM expenses and lower power and fuel cost. EBITDA/tonne increased 43.7% YoY to...