ICICI Securities: Orient Cement - Higher Prices, Lower Costs Drive Outperformance In Q2 
A woman worker carries a plate full of cement-concrete mix on her head at a construction site in New Delhi, India. (Photographer: Amit Bhargava/Bloomberg News)

ICICI Securities: Orient Cement - Higher Prices, Lower Costs Drive Outperformance In Q2 

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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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ICICI Securities Orient Cement Q2FY21 Results Update.pdf


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