Ambuja Cements, the third largest cement manufacturer in India, had a disappointing fourth quarter. The volume growth was muted and the margins also remained under pressure. The capacity utilisation for the quarter moved higher to 83 percent in Q4 CY18 from 79 percent in Q4 CY17. The same for the full calendar year CY18 stood at 82 percent (vs 78 percent in CY17). The bottomline jumped on account of reversal of tax provisions. Sakshi Batra does a 3 point analysis of the Q4 results fineprint.