ICICI Securities Ltd | Retail Equity Research Ambuja's results were below our estimates. Revenues increased 11.9% YoY (up 5.4% QoQ) to | 2,862.6 crore (vs. I-direct estimate of | 2,922.4 crore) led by 3.3% YoY increase in volumes to 6.2 MT (vs. Idirect estimate of 6.3 MT) and 8.3% YoY increase in realisation to | 4,602 (vs. I-direct estimate of | 4,633) EBITDA margin increased 232 bps YoY to 17.7%. EBITDA per tonne increased 24.5% YoY to | 815/t mainly led by inventory adjustment and lower employee cost. However, EBITDA/t remained below our...