ICICI Securities Ltd | Retail Equity Research Ambuja's results were above our expectation mainly due to higherthan-expected topline. The beat on the topline front was led by 2.7% YoY increase in volumes to 6.0 MT, which came in as a positive surprise against 12% YoY decline in pan-India production volumes in Q1CY17 as per core industry data Revenues increased 5.3% YoY (up 15.3% QoQ) to | 2,533.4 crore (above I-direct estimate of | 2,202.0 crore) led by 2.7% YoY increase in volumes to 6.0 MT(above I-direct estimate of 5.2 MT) and 2.5%...