Ambuja Cements' (ACEM) result was above estimates with EBITDA at Rs4.4bn against our estimate of Rs3.8bn and EBITDA/tonne at Rs750 against our estimate of Rs655, led by lower opex. Key surprise was sequential decline in other expenses. Sales volume was up 15.3% yoy at 5.87mt, supported by low base (volume declined 7.8% in Q4CY16). Realization grew by 3.5% yoy to Rs4,450/tn (vs. estimated Rs4,451/tn). EBITDA/tn stood at Rs750 vs. Rs586/Rs617 in Q4CY16/Q3CY17. with clinker capacity of 3.1mt (phase I of 1.7mt clinker unit by H1CY20). We would await more clarity on this project, as it is being talked about for the last few years....