Demand in pre-election year FY24 has started on a strong note. Volume for our coverage universe is estimated to grow >15% YoY (in sync with industry). Yet, coverage EBITDA is expected to stay flat YoY owing to – a) muted cement prices (down 4-5% YoY, flattish QoQ) and b) marginal QoQ drop in fuel cost due to inventory-lag impact (major benefits expected in Q2/Q3 FY24E).