Amid continued demand turbulence in the south, Orient exhibited opex reduction. As demand recovers in subsequent quarters, op-lev gains should bolster margin recovery. Orient is also planning to add 10MW WHRS in Karnataka to further reduce opex (FY23 onwards). The stock currently trades at an attractive valuation of 6.9/6.8x FY21/22 EBITDA and at EV of USD 58/MT. We reiterate BUY with a TP of Rs 120 (8x Sep'21E EBITDA). We reiterate BUY on Orient Cement (ORCMNT) with a TP of Rs 120 (8x FY21E EBITDA, implies EV of USD 68/MT).