Ambuja's Q3CY15 performance was below our expectations on account of lower than expected realisation and higher than expected others cost. Reported EBITDA at Rs 2.9 bn came 15% lower than estimate as realisation remained flattish QoQ (against expectation of +3.5% QoQ) and higher others cost (which includes Rs 400 mn one offs related to provisions for DMF). EBITDA/t stood at Rs 656/t (down 16% YoY) against our expectat9ion of Rs 689/t.