Heidelberg Cement reported an operationally weak set of Q3FY17 numbers. Revenues (excluding excise) declined 3.7% YoY to | 387.8 crore (vs. I-direct estimate of | 392.1 crore) led by 3.7% YoY decline in volumes to 1.05 MT (vs. I-direct estimate of 1.03 MT) while realisation was flat YoY at | 3,693 (below I-direct estimate of | 3,807) EBITDA margin declined from 14.3% to 10.1% (below I-direct estimate of 12.3%) in Q3FY17 mainly led by a rise in employee expenses (up 11.4% YoY) and higher other expenses (up 11.1%...