Ambuja Cements Ltd (ACL) reported subdued numbers for Q3CY18. While revenue growth at 12.7% YoY was in line with our estimates, the company disappointed on the profit front with a marginal 1.1% growth in EBITDA and 34.4% YoY decline in PAT. EBITDA margins contracted 158bps YoY to 13.7%, impacted by higher power & fuel and freight cost.