Reported revenues fell 8.4% YoY to ~| 529.5 crore (vs. I-direct estimate: | 549.2 crore). The key positive surprise was volume growth for Q2FY17 at 51969 tonnes, up 21% YoY, vs. our estimate of 49940 tonnes. Coupled with this, mining segment volumes made a smart comeback with 30.78% YoY and 9.2% QoQ growth at 31858 tonnes while the cement and utility segment posting muted volume growth at 20111 tonnes. The company has guided for an incremental volume of 20000-25000 tonnes in FY17E over FY16. With a recovery...