Ambuja reported weak Q1CY19 numbers with EBITDA of Rs4.63bn, 11% below ours and 15% below consensus estimates. Key reasons for disappointing earnings were lower than expected realization and weak volumes. Ambuja reported volumes of 6.37mn for the quarter which is up only 2.4% YoY compared to our expectation of 5% growth. Realizations declined by 1.6% QoQ against our estimate of 2% growth. Improved operating costs, which declined by 3.6% QoQ, restricted further slide in margins. EBITDA/mt came in at Rs727 vs Rs659 in Q3FY19. PAT at Rs4.27bn was higher on account of higher other income. We have rolled our valuation forward to CY20E EBITDA and our...