Shree Cement’s (SRCM) Q3FY23 standalone EBITDA at Rs7bn (down 14% YoY) was in line with our / consensus estimates. Blended EBITDA/te declined 30% YoY, but grew 26% QoQ to Rs881/te (I-Sec: Rs912/te) as total cost/te fell 4% QoQ (flat YoY) against ~7% YoY fall (flat QoQ) in blended realisation.