ICICI Securities Ltd | Retail Equity Research Mangalam Cement's Q3FY17 results were above our estimates. Revenues increased 10.2% YoY to | 233.0 crore (above I-direct estimate: | 200.4 crore) led by 9.3% YoY increase in volumes to 0.65 MT (vs. I-direct estimate: 0.55 MT) mainly led by 0.75 MT capacity expansion at Aligarh, UP. Realisation improved 0.8% YoY to | 3,607 (vs. I-direct estimate of | 3,670) EBITDA margin increased from 4.4% to 8.8% in Q3FY17 (above Idirect estimate of 4.2%) mainly led by a decline in raw material...