Orient Cement Q1 Review - Profitability Reset At Higher Level: ICICI Securities
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ICICI Securities Report
Orient Cement Ltd.’s Q1 FY22 Ebitda at Rs 1.86 billion (up 90% YoY) was ahead of our and consensus estimates led by better realisation, up by a sharp 13% QoQ (and 1.4% YoY).
Accordingly, Ebitda/tonne grew 25% QoQ and 14% YoY to a decade high of Rs 1,368/tonne (our estimate: Rs 1,234/tonne).
Orient Cement's management is targeting commissioning of three million tonne Devapur expansion at a capex of Rs 16 billion in FY24.
Net debt further reduced by Rs 1.3 billion in year-to-date-FY22 to less than Rs 6 billion.
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