Orient Cements numbers beat our estimates (EBITDA: Rs 755mn, Est: Rs 606mn, 22.3% YoY, 65.9% QoQ) as volumes surprised (1.73 mT, 25% YoY vs expectations of flattish growth). However, EBITDA/t (Rs 436, -2.2% YoY, 19.9% QoQ) was inline (Est Rs 407/t) as realisations weakened (Rs 3,443, 9.6% YoY, -5.6% QoQ), given the volume push. At implied utilisations of 87%, 4QY17 is a relevant base for production costs (Total op. costs Rs 3,007/t), one of the lowest in the industry.