Ambuja Cements’ (ACEM) Q4CY22 standalone EBITDA at Rs6.3bn (up 10% YoY) was above our and consensus estimates. Volumes (including clinker sale) were up 8% YoY at 7.7mnte. Total cost/te was up by a meagre 3% YoY, but declined 5% QoQ due to cost savings on account of fuel costs.