ACC has reported a better than estimated operational performance for Q4CY19, reporting volume growth of 3.9% YoY amid flattish industry growth. Revenues increased 4.8% YoY to | 3,970 crore (I-direct estimate: | 3,763 crore) driven mainly by volumes. During the quarter, the company clocked sales volumes of 7.76 MT, up 3.9% YoY (I-direct estimate: 7.24 MT) amid subdued industry growth. RMC sales volumes saw growth of 8% YoY. Realisations were at | 5,116/t, up 1% YoY (I-direct estimate: Rs5,200/t). Blended EBITDA margins saw an improvement of 130 bps YoY to 11.3% (I- direct estimate: 10.7%); EBITDA/t increased 13.9% YoY to | 580/t (I-direct estimate:Rs 557/t). Cost of raw materials increased 23%, due to inventory adjustment while P&F, freight and other expenses declined YoY by 7-9%, thus leading to a marginal decline in production costs YoY. The company reported an 18.3% rise in EBITDA to Rs 450.4 crore (I-direct estimate: Rs 403.1 crore). Due to higher tax expenses, PAT missed our estimates, at Rs 273.3 crore, being 18% higher YoY (I-direct estimate: Rs 318.6 crore).