Ultratech Cement to post its Q1FY23 numbers on 22nd July and we expect the sales to improve however the margins and profits might dip. Volumes are expected at 23.4 million tons. Demand moderation will be factored in on a QoQ basis led by higher prices of steel and cement. Low base of 1QFY22 might keep growth strong. We estimate blended realizations to increase 5% qoq (+8% yoy) led by sharp price hikes taken in the key markets during the quarter. 10-15% QoQ increase in power-fuel cost expected. Higher pet coke/thermal coal prices in the past six months to impact the numbers. 5-7% QoQ increase in freight cost expected.