Maintain NEUTRAL with a TP of Rs 138 (8.5x Dec-19 EV/EBITDA, US$80/T). Orient Cements numbers were below estimates (EBITDA/T Rs 286, (21.4)/(49.9)% YoY/QoQ) owing to lower realisations (Rs 3,737, (6.5)% QoQ). Volumes grew 9.3% YoY to 1.37 mT. However, other costs jumped 19% sequentially to Rs 700/t, as the company incurred non-recurring maintenance costs.