ACC's Q3CY18 sales were in line with our forecast but profitability was below our expectation. Sales grew by 10.1% YoY to Rs33,640 mn driven by better than expected volumes of cement at 6.55 mn tonnes (+10% YoY). Even RMC sales volumes were higher by 12% YoY to 0.73 mn tonnes. However, EBITDA margins were 97bps lower than our estimate due to weaker than expected realizations. EBTIDA increased 5.8% YoY to Rs3,743 mn driven by higher volumes. Net profit grew 15.6% YoY to Rs2,067 mn . Looking ahead, we expect ACC's sales/EBITDA/net profit to grow at a CAGR of 10%/13%/18%, respectively, over CY17-19E. However, given an 18% stock price...