Ambuja (ACEM) reported good set of Q2CY19 results with EBITDA of Rs6.98bn, 9.5% above ours and 18% above consensus estimates. Like ACC, key reason for the stellar numbers was higher than expected realization. Ambuja reported realization of Rs5,117/mt, up 8% YoY and 11.3% QoQ against our expectation of 8% QoQ growth. Higher exposure to North and Central region would have aided higher pricing growth. Volumes were disappointing with sharp 8.6% YoY decline against our expectation of a 4% decline. Operating costs went up by 4.2% YoY largely driven by higher raw material costs while most other cost items reported moderation. EBITDA/mt came in at Rs1,200 vs Rs727 in Q4FY19 which is the highest...