Ambuja Cement reported a disappointing set of Q3CY19 numbers on all fronts. Revenues for the quarter were broadly flat YoY at | 2,626 crore (below I-direct estimates of | 2,763 crore). Volumes fell 4.2% YoY to 5.23 MT on account of heavy rains and flooding in Maharashtra, Gujarat, Uttar Pradesh and Bihar (I-direct estimates: 5.55 MT). Realisations increased ~5% YoY to | 5,021/t led by improved pricing and higher sales of premium products. EBITDA margins expanded ~300 bps YoY to 16.7% (below I-direct estimates of 20.5%). While realisations grew 5% YoY, the same did not...