Having looked at these data, here is the bottomline for the cement sector, for the year gone by. Despatches, which is a surrogate for consumption, has grown by about 4.5 per cent, and prices have been under pressure in most regions. Things have been particularly bad in the last quarter, as volumes have dipped, and also prices squeezed in most regions other than in South. So, this has not been a good period for the industry, and many of the companies like ACC and Ambuja have clearly concentrated on cost management to shore up their profitability. UltraTech Cement, which, by size, geographical presence and brand, is something like the ?bellweather? of the industry, suffered a quarter-on-quarter volume decline of 9 per cent on adjusted basis, while improving its EBITDA margin. So, clearly, if growth is what the industry was looking for, it was disappointed. But it looks like the wait for ?Good Times? just got even longer.