Ambuja Cements reported a weak quarter, marginally missing our estimates (EBITDA/t RS 868 vs est: 904). Volumes declined ~10% YoY (5.4 mT, lowest for March qtr since CY09) underpinning a weak demand scenario. Realisations, however, were marginally higher QoQ (Rs 4,465, 2.1% QoQ, 2.6% YoY) likely driven by strong pricing in West/East.