Orient Cement Q4 Results Review - Volume Growth Flattish; Retain Hold: Axis Securities

Axis Securities Report

Orient Cement Ltd. reported numbers that were above consensus estimates but below our estimates. Its revenue/Ebitda/profit after tax grew by 1%/6%/1% YoY (below expectations).

The company reported flattish growth in volume YoY but up 24% QoQ at 1.73 million tonnes per annum .It reported a PAT of Rs 68 crore against Rs 67 crore last year. The company recorded an Ebitda margin of 16.7% (versus expectations of 17.4%) against 15.9% YoY.

Orient Cement’s Ebitda/tonne stood at Rs 858 (below expectations), up 6% YoY, and it reported realisation/tonne of Rs 5,145 against Rs 5,099, up 1%/5% YoY/QoQ.

The company’s cost/tonne decreasedd by 6%/0% YoY/QoQ to Rs 4,287 on the back of lower power/fuel cost down 17% YoY on a tonne basis.

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