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Centrum Broking Report
Orient Cement Ltd. reported lower-than-expected Ebitda of Rs 1.53 billion (our estimate: Rs 1.96 billion), up 30% QoQ/but down ~24% YoY and Ebitda/tonne of Rs 947 (our estimate: Rs 1058/tonne) primarily due to lower than expected volumes and realisation while cost of production was in-line to our estimates.
Orient Cement had to import higher quantity of coal due to coal linkage supply constraints which will increase cost of production more than 10% QoQ in Q1 FY23.
Management guided Q4 FY22 Ebitda/tonne of Rs 947 as near to sustainable Ebitda going forward which looks difficult in H1 FY23.
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