Performance Beat on Better Volume & Cost Reduction Ambuja Cements (ACEM) has delivered a strong performance in 4QCY19, which was ahead of our estimates, mainly led by higher-than-expected sales volume and cost reduction. Reported EBITDA grew by stellar 47% YoY to Rs4.5bn (excluding Rs979mn other operation income) vs. our estimate of Rs4bn, while EBITDA/tonne stood at Rs687 vs. Rs498 and Rs707 in 4QCY18 and 3QCY19, respectively. Sales volume grew by a strong6.7% YoY to 6.54mnT (vs. our estimate of 6.3mnT), while average realisation declined by 5% QoQ (+3% YoY) to Rs4,645/tonne. A meaningful sequential reduction in operating cost/tonne to Rs3,958 (-1.4% YoY and -5.3%...