Orient Cement Ltd.

NSE: ORIENTCEM | BSE: 535754 | ISIN: INE876N01018 |Industry: Cement & Cement Products
|Mid-range Performer

Orient Cement Ltd.    
11 Feb 2019
Nirmal Bang Institutional
Orient Cement (ORCMNT) reported a weak operating performance in 3QFY19 as realisation gains were offset by cost escalation. Nevertheless, strong volume growth was maintained. Volume grew ~10% YoY to 1.51mnmt (below our estimate of 1.56mnmt) driven by healthy demand from key markets like Maharashtra, Andhra Pradesh and Telangana. Realisation improved in small bouts of ~1.25% YoY at Rs3,782/tn because of over-supply in southern region and tepid prices in western region. Cost escalation of ~ 2.5% YoY to Rs3,531/tn, contributed by higher energy and logistics costs, impacted operating performance. EBITDA margin fell 100bps on a weak base to 6.6% YoY. EBITDA declined ~3% to Rs379mn and EBITDA/tn further slipped by ~12% YoY to Rs251 from Rs286...
Promoters pledge increased to 11.92% of holdings in Jun 2019 qtr.
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