Ambuja's Q3CY18 sales was better than our estimate, however, profitability was disappointing. Sales grew by 12.6% YoY to Rs26,139 mn mainly led by higher cement volumes at 5.54 mn tonnes (+8.8% YoY). Realization also increased marginally by 3.5% YoY to Rs4,787/tonne. However, EBITDA margin was below our forecast by 402bps mainly on higher than expected energy and freight expenses. EBITDA margin contracted 156bps YoY to 13.7%. Net profit fell by 34.4% YoY to Rs1,786 mn vs. our...