Ambuja Cements Q3 results were below our estimates with EBITDA at Rs3.6bn vs. our estimate of Rs4.4bn and OPM at 13.7% vs. our estimate of 17.5%. Opex/ton increased 9.9% qoq vs. our estimate of 6.4%. EBITDA/ton was Rs656 vs. our Rs737 estimate. Sales volumes were 5.46mt, up 8.5% yoy vs. our estimate of 7%. Capacity utilization was...