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