ACC's Q3CY21 EBITDA came in-line with our and consensus estimate. Volume in the quarter has increased by 1% YoY and is lower than UTCEM due to ACC's exposure in east and south. East region volume was impacted due to excessive rainfall. ACC planned capacity addition in central region, will provide much needed growth. ACC capacity to increase by 11% yoy in CY22E. On demand ACC expects industrial and commercial construction to witness revival on back of: a) Deferred investments from previous fiscal. b) Implementation of PLI (Production Linked Incentive) scheme. And c) Warehousing space to more than double over next 5 years due to e-commerce boom....