The Ramco Cements beat our estimates across the board. Revenues stood at INR 20,441 Mn, down 12.7% YoY (-2.4% QoQ).EBITDA declined by 22.6% YoY (-1.9% QoQ) to INR 3,141 Mn; EBITDA margin stood at 15.4 (-196bps YoY/ +7bps QoQ).