Orient Cements numbers were weak (EBITDA/T: Rs 279, -55.3% YoY, -35.2% QoQ) driven by continually weak pricing (Rs 3,126, -10.3% YoY, QoQ not comparable). Gulbarga rampup remains on track with the plant reaching 50% utilization for the quarter. Operating costs/t remained low (Rs 2,848/t, flat YoY, 1.8% QoQ) despite the annual maintenance shutdown which dragged by Rs 60 mn QoQ.