The Ramco Cements’ (TRCL) Q3FY23 EBITDA at Rs2.8bn (up 23% YoY) was above our / consensus estimates led by healthy revenue growth. Cement volumes were up 19%/8% YoY/QoQ at 3.57mnte. Total cost/te was up 10% YoY but flat QoQ against 9%/5% rise in realisation.