Volumes strong, but weak realizations: Orient Cement's (ORCMNT) 1QFY17 revenues grew 25% YoY (flat QoQ) to INR4.4b as volumes increased 43% YoY to 1.4mt. Utilization in existing operations is 82%, while the new plant contributed 27% of volumes with utilization at 50%. Realizations dipped 8% QoQ (-13% YoY) on the back of weak pricing in Maharashtra and Andhra Pradesh, which led to a loss of INR76m (-3.6x YoY, -2.4x QoQ) in 1QFY17. coupled with higher annual shutdown cost dent profitability: Cost/ton declined 4.5% YoY (+2% QoQ), led by: (a) reduction in power and fuel costs due...