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ICICI Securities Report
Orient Cement Ltd.’s Q2 FY21 Ebitda at Rs 1.13 billion (more than doubled YoY) was ahead of our/consensus estimates led by lower costs.
Total cost/tonne declined 4% YoY owing to strict cost control and better efficiencies; while realisation increased 13% YoY leading to 2.6 times increase in Ebitda/tonne to Rs 1,109/tonne (our estimate Rs1,028/tonne).
Volumes declined 18% YoY, broadly in-line with demand in its key markets of South and Maharashtra.
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