Ambuja Cements surprised positively in Q1CY20. Revenues for the quarter were at | 2828 crore (vs. I-direct estimate of | 2,780 crore), down 3.4% YoY. Sales volume declined 9.6% YoY to 5.77MT (in line with I-direct estimate: 5.73 MT) as business got impacted in March 2020 due to announcement of a nationwide lockdown. Realisations cushioned the revenue fall, growing 6.6% YoY to | 4900/t (vs. I-direct estimate of | 4,849/t) as prices remained elevated in its major markets combined with higher sales of premium products. On the cost front, total costs per tonne remained broadly flat at...