Ambuja Cement (ACEM) Q1CY21 EBITDA came-in 13% higher than our estimate. EBITDA/t expanded to Rs1362/t and it was supported by lower costs and operating leverage benefit from the volume growth. Overall, the cost saving is better than our estimate, as freight/t was lower QoQ (benefit from MSA, Paravt initiatives), employee cost is lower on QoQ and YoY basis. We have factored better than estimated result in CY21 and CY22 and increase the EBITDA by 5% pa. Our revised TP stands at Rs295 (earlier Rs269), this factors EBITDA upgrade, updated market cap of ACC where ACEM holds ~51%. But ACEM at the CMP is pricing in better than estimated result. And thus...