Cement companies under our coverage may see flat YoY EBITDA during Q3FY23E, however, it could rise by 53% QoQ, led by a) marginal rise in realisation and b) easing of input cost (fuel) pressures. Coverage companies’ unit EBITDA may continue to see weakness as it may fall ~10% YoY (to Rs794) owing to ~9% YoY rise in total costs/te against ~6% rise in realisation.