On a broad gauge, reported numbers of Ambuja Cement for Q1CY19, were disappointing on all major fronts except volumes and production efficiency. Volume growth remained in line with I-direct estimates at 6.37 MT but realisations disappointed, remaining flat YoY at ~| 4,600/t vs. our estimate of | 4,717/t. Revenues consequently remained moderately below I-direct estimates at | 2,928 crore. Premium products - Roof special, Cool walls and Pura Sand gaining traction, witnessing 14% growth YoY. On the profitability front, EBITDA margins dipped 189 bps to 15.8% below I-direct...