8 Operating margin is 1.3% lower vs. our expectation, largely due to no volume growth (LafargeHolcim'slackoffocusinaddingcapacitieshasbeenthekeyreason). 9 Operationalefficiencieshavesustained;realisationtrendappearsinlinewithpeers. 9 NeartermpositivetriggersarepresentconsolidationwithAmbujaandcommissioning ofJamulexpansionbutweseeallthepositiveslargelyfactoredin. 8 Despiteupgradingthetargetmultipleto14xCY17EV/EBITDA(vs.12xearlier),andeven afterconsideringthebenefitsofconsolidationwithAmbuja,weseenoupside. 8 WemaintainSellwitharevisedpricetargetofRs1,430(Rs1,230earlier)....