Govt.'s push for infra development should boost demand for cement in the next few years. We reiterate our BUY rating on the stock with a revised target price of Rs. 1,650 based on 9.5x CY21E EV/EBITDA. Margin improvement driven by cost efficiencies ACC's Q4CY19 revenue grew 4.2% YoY to Rs. 4,060cr, on the back of a steady growth in Cement business of 3.4% YoY to Rs. 3,705cr (~91.2% of total sales). Ready-mix concrete (RMC) business also registered a decent revenue growth of 8.2% YoY to Rs. 389cr. Cement business revenue witnessed muted volumes growth of 3.9% YoY to...