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Orient Cement Q4 Review - Strong Show; Balance Sheet Strengthened: ICICI Securities

Orient Cement Q4 Review - Strong Show; Balance Sheet Strengthened: ICICI Securities

<div class="paragraphs"><p>The shadow of site workers falls on wet cement as it is poured over reinforced steel during groundwork construction. (Photographer: Angel Navarrete/Bloomberg).</p></div>
The shadow of site workers falls on wet cement as it is poured over reinforced steel during groundwork construction. (Photographer: Angel Navarrete/Bloomberg).

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Orient Cement Ltd.’s Q4 FY21 Ebitda at Rs 2.0 billion (up 62% YoY) was ahead of our/consensus estimates, on account of higher realisation and lower costs.

Realisation increased 8% YoY/1% QoQ also aided by higher contribution from premium products, while total cost/tonne was up 1% YoY/down 1% QoQ at Rs 3,400/tonne due to low-cost fuel inventory, improved efficiencies and higher use of alternate fuels.

The company plans to complete 0.5 million tonne de-bottlenecking project by mid-June 2021, while it targets to complete 3.0 million tonne expansion at its Devapur plant by FY24.

Net debt declined from Rs 12 billion in FY20 to Rs 6.6 billion as on March 2021.

Click on the attachment to read the full report:

ICICI Securities Orient Cement Q4FY21 Results Update.pdf

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