UltraTech Cement’s (UTCEM) Q3FY23 consolidated EBITDA at Rs23.4bn (down 3.5% YoY) was below our estimate but in line with consensus. Grey cement realisation rose marginally by ~0.5% QoQ, due to: 1) likely higher despatches in non-trade segment, and 2) sequentially flat contribution (18.8%) from premium cement.