Orient Cement’s (ORCMNT) Q3FY23 EBITDA at ~Rs900mn (down 23% YoY) was above our / consensus estimates. Volumes were up ~17% / 16% YoY / QoQ while realisation increased 3% QoQ, and 1% YoY. Total cost/te was down 5% QoQ resulting in EBITDA/te improving sequentially to Rs632/te (I-Sec: Rs480/te) from Rs263/te.