BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Orient Cement Ltd. reported lower-than-expected Ebitda of Rs 1.53 billion (our estimate: Rs 1.96 billion), up 30% QoQ/but down ~24% YoY and Ebitda/tonne of Rs 947 (our estimate: Rs 1058/tonne) primarily due to lower than expected volumes and realisation while cost of production was in-line to our estimates.
Orient Cement had to import higher quantity of coal due to coal linkage supply constraints which will increase cost of production more than 10% QoQ in Q1 FY23.
Management guided Q4 FY22 Ebitda/tonne of Rs 947 as near to sustainable Ebitda going forward which looks difficult in H1 FY23.
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