Orient Cement (Orient) delivered a strong quarter with EBITDA/t at Rs 940 (vs est. 918), driven by strong pricing and freight rationalization. Realisations improved ~4.8% sequentially (Rs 3,913/t, inline). Volumes declined ~18% (0.99 mT), driven by weak demand. Operating costs contracted (Rs 2,974, -5.4% QoQ, 3.5% YoY) driven mainly by lower freight costs. Investment allowance on capitalized plant & machinery (Rs 919mn u/s 32 AC) allowed the co report a lower tax liability.