HeidelbergCement India’s (HEIM) Q3FY23 EBITDA of Rs371mn (down 46% YoY) was significantly below our / consensus estimates owing to lower-than-expected volumes and realisations. Volumes declined 3% YoY (up ~10% QoQ) as the company witnessed volume loss of 10 days during the quarter due to warehousing issues and intense competitive pressures.