Ambuja (ACEM) Q1CY20 EBITDA came in-line with our estimate of Rs6bn. Decline in cement sales volume by 10% YoY is on expected line. As until February ACEM has seen good volume growth but lockdown impacted March month sales volume. EBITDA/t at Rs1046 up +44% YoY is driven by higher cement prices +7% YoY and lower fuel cost (down 12% YoY). From 20th April, ACEM has commenced operations at few of its plants. Company expects weakness in the demand to be arrested by normal monsoon and policy support measures taken by the Government and RBI. Company's net cash balance sheet (Rs31bn) provides it with cushion from any extended period of weak...