Ambuja Cement (ACEM) reported EBITDA/t at Rs 603/t (vs. estimate of Rs 875/t, flat YoY, -39.3% QoQ). This was driven by tepid volumes (4.6 mT, -6.5% YoY), flattish realizations (Rs 4,376/t, 2.3% YoY, 0.7% QoQ) and surging energy costs (Rs 955/t, -3.8% YoY, 19.5% QoQ). The energy costs are sharply higher due to higher pet-coke prices (up 2.5x from bottom in February) and will continue hardening.