ACC's Q1CY21 EBITDA is 14% higher than our estimate. Beat in the number is led by volume and lower costs. Volume in the quarter has increased by 22% YoY and opex/t is down Rs350/t QoQ. Though realization was down 1% QoQ but EBITDA/t was up 18% QoQ and was supported by higher volume and lower raw material cost, other expenses. ACC's has re-iterated greenfield expansion of 3.7mtpa Ametha (MP) plant in Q2CY22, this will increase its capacity by 10%. We have factored better volume and lower costs in CY21/22, this has resulted in higher EBITDA by 5%/10% respectively. Accordingly our TP is revised to Rs2143 (earlier Rs1875). Maintain ACCUMULATE rating....