Ambuja Cement (ACEM) reported EBITDA/t at Rs 710 (vs. estimate of Rs 678/t, -18.3% YoY, 28.8% QoQ) driven by volumes ( 9.9% YoY), while realisations dragged (-9.2% YoY, -5.0% QoQ). Higher volumes and savings on energy helped costs improve ~10% QoQ and offset the decline.