Ambuja Cements reported weak numbers (EBITDA/t at Rs 605/t vs est. Rs 701/t). Realisations drove the underperformance due to very weak pricing in North (Rs 4,321/t, 3.4% YoY, -5.1% QoQ). Volume growth returned after a tepid 3Q (5.5 mT, 5.1% YoY), however CY14 volumes grew mere 2.5%.