ACL showcased strong performance for 1Q FY25, leading to an EPS of LKR 5.22, up from LKR 1.27 in the previous period. Growth was driven by 33% YoY increase in topline to LKR 8.7bn, fueled by a rise in sales volume. Both local and export sales increased by ~46% and 4%, respectively. Moreover, a decrease in finance costs attributable to lower FOREX losses (net finance income of LKR 242mn) and higher profit contributions from associate investments (Resus) further enhanced the bottom line. After six consecutive quarters, ACL achieved YoY growth in gross profit and EBIT, with GP and EBIT margins expanding to approximately 27% and 19%, respectively (previously ~24% and ~17%). We expect stronger order books for the remainder of FY25, backed by demand recovery, particularly in the domestic market aided by the expansion in the construction sector. We continue to recommend BUY.