Ambuja (ACEM) reported weak set of Q3CY19 results with EBITDA of Rs4.4bn, 15.8% below our estimate. Key reason for the muted performance was 4.2% YoY decline in volume. Ambuja reported realization of Rs5,021/mt, up 4.9% YoY and down 1.9% QoQ. Higher exposure to North region has helped ACEM to curtail pricing decline further. Operating costs went up marginally by 1.2% YoY wherein RM costs saw a sharp decline of 27.5% YoY which was offset by increase in power & fuel costs and other expenses. EBITDA/mt came in at Rs841 vs Rs1,200 in Q2CY19, down 30%. PAT at Rs2.34bn was up 31.4% on account of low base of past year and higher other income. We have tweaked...