ICICI Securities Ltd | Retail Equity Research JK Cement's Q3FY17 results were above our estimates. JK Cement's revenues declined 1.6% YoY to | 887.8 crore (above I-direct estimate of | 857.3 crore) mainly led by 6.1% YoY decline in grey cement revenues to | 590 crore (driven by lower volumes: down 5.8% YoY). However, white cement revenues increased 5.2% YoY to | 298 crore driven by capacity expansion in wall putty EBITDA margins improved 267 bps YoY to 16.7% (vs. I-direct estimate...