Ambuja Cements’s consol. EBITDA grew 37% YoY (2% lower QoQ) to Rs17bn, marginally below our expectations (Emkay: Rs17.3bn). Ambuja continues making significant strides towards becoming the lowest-cost cement producer, having achieved ~Rs180/t reduction QoQ in total costs, in Q4. Ambuja targets total cost/t of Rs3,650 by FY28 (a >Rs500/t reduction).