Orient Cement reported a weak quarter (EBITDA/t at Rs 199/t vs. estimated Rs 344/t). Both volumes (1.05 mT, 1.9% YoY) and realisations (Rs 3,349/t, -10.3% YoY, -4.8% QoQ) were lower than estimates because of weak demand and pricing in Maharashtra. Orient reported stable costs as benefits from lower energy, freight and RM helped absorb higher expenses from the Chittapur ramp-up (~15% utilisation in 3QFY16).