Ambuja Cement (ACEM) reported an EBITDA/t of Rs 579/t (vs. estimate of Rs 367/t, 5.1% YoY, -3.9% QoQ). The beat was largely on account of lower P&F costs vs estimates, (Rs816/t, 0.6 % YoY, -14.6% QoQ vs 10 % QoQ jump estimated), most likely driven by use of low- cost clinker inventory (Rs 804 mn due to inventory changes).