Maintain NEUTRAL, with an unchanged TP of Rs 165 (8.5x Sep-19 EV/EBITDA, USD86/T). Orient Cements numbers were below estimates (EBITDA/T: Rs570, 4.2x/ (31.8) % YoY/QoQ). Volumes grew 11.5% YoY (1.31 mT), while realisations were flattish (Rs 3,996/T, 22.1/ (1.7) % YoY/QoQ). However, freight costs jumped ~8.5% sequentially owing to higher lead distance, as Orient sold in distant markets, chasing growth. The miss on EBITDA (Rs746mn, 4.6x/ (3.62) % YoY/QoQ) was lower owing to higher-than-estimated volumes