ACC's 1QCY21 result surprised positively on strong cost control. EBITDA grew 47% YoY on 3% YoY decline in total cost/t driving EBITDA/t to INR1,078. ACC's Central India expansion is expected to get commissioned in 2HCY22, which we estimate would drive an 11% CAGR in volumes over CY2023E. We expect costs to remain in check, supported by a master supply agreement (MSA) with Ambuja as well as supply chain efficiencies. We raise CY21/CY22...