For Q2CY19, Ambuja reported mixed bag results vis--vis our expectations. Revenues remained flat YoY at | 2978 crore (below I-direct estimate of | 3167 crore). While realisations grew 8% YoY to | 5120/t (vs. I-direct estimate of | 4900/t), the same was overshadowed by a dip in volumes by 8.6% YoY to 5.82 MT (vs. I-direct estimate of 6.45 MT) owing to weak demand in the north and west regions where Ambuja has a strong presence. Despite flattish revenues, better realisations helped the company register 12.2% growth in EBITDA to | 698 crore (above I-direct estimate of | 653...