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ICICI Securities Report
Orient Cement Ltd.'s Q2 FY22 Ebitda at Rs 1.3 billion (up 18% YoY) was broadly in line with consensus estimates.
Ebitda/tonne declined 23.4% QoQ at Rs 1,048/tonne (our estimate: Rs 1,016/tonne) primarily due to lower realisation (down 5.5% QoQ).
Cost/tonne increased by 1.1% QoQ (up 5.1% YoY) owing to higher input prices. While investor concerns around sharp cost increases seem valid, industry has demonstrated strong pricing resilience in the past.
Our recent channel checks suggest companies have increased prices by Rs 15-20/bag across regions.
Orient Cement's net debt further reduced by Rs 1.7 billion in H1 FY22 less than Rs 6 billion.
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