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ICICI Securities Report
Orient Cement Ltd.'s Q1 FY23 Ebitda at ~Rs 1 billion (down 45% YoY) was broadly in line with our / consensus estimates. Volumes were up just 1% YoY and down 15% QoQ; while realisation grew 5% QoQ and 2% YoY.
Total costs/tonne rose 20% YoY and 11% QoQ resulting in Ebitda/tonne declining 46% YoY to Rs 743/tonne (our estimate: Rs 766/tonne).
Execution on the earlier announced 3 million tonne Devapur expansion would begin post getting all clearances for Tiroda grinding unit. Besides, the Rajasthan government recently restored mining lease in Chittorgarh district in favor of Orient Cement, hence even this location is now available for expansion.
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