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ICICI Securities Report
Orient Cement Ltd.'s Q3 FY21 Ebitda at Rs 1.37 billion (up 2.5 times YoY) was ahead of our/consensus estimates, led by better realisation and lower costs.
Realisation increased 17% YoY (declined 5% QoQ) led by firm prices in South, while total cost/tonne stood flat YoY owing to low-cost fuel inventory and improved efficiencies.
The company plans to set up two million tonne grinding unit at a capex of Rs 5 billion in Maharashtra, mainly to save logistic costs and also set up 10 megawatt waste heat recovery system at a capex of Rs 1 billion by Q3 FY23E.
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