Ambuja (ACEM) Q2CY20 EBITDA came sharply higher than our estimate and company reported its highest quarterly EBITDA/t at Rs1421. Beat in the number is driven by lower volume decline, better realization and lower other expenses. In line with its subsidiary ACC, ACEM has renegotiated on costs, reduced discretionary spend which led to lower other expenses at Rs2.8bn vs Rs5bn QoQ, Rs4.7bn YoY. Benefit from master supply agreement with ACC (leading to lower freight cost, other expenses) could continue to play in CY20/21. We have factored this in our CY20/CY21 estimate and EBITDA has now increased sharply by 35%/29% (exhibit 10). We have revised TP to...