Post lockdown, rural demand and construction sectors are expected to pick up gradually, with normal monsoon and Government policy support measures. We maintain our HOLD rating on the stock with a revised target price of Rs. 180 based on 7.0x CY21E EV/EBITDA. Topline impacted on volumes but margins continue to expand Ambuja Cements recorded 8.5% YoY decline in Q1CY20 consolidated revenue to Rs. 6,250cr, as sales volumes were impacted in Mar-2020 amidst Corona-led lockdowns (company witnessed volumes growth till Feb). Cement volumes fell 11.9% YoY to...