The 20% volume surge reported by UltraTech Cement in Q1FY24 failed to drive EBITDA growth (down 1.5% YoY). EBITDA/te dipped 3% QoQ (~7% below consensus and in line with our estimate) due to: a) realisation decline of 0.4% QoQ, b) variable cost/te being flat QoQ despite low fuel prices, and c) fixed cost/te rising 10% QoQ.