Orient Cement’s (ORCMNT) Q4FY23 EBITDA surged 54% QoQ to ~Rs1.4bn (though it was down 9% YoY) on the back of volumes increasing 20% QoQ (up 6% YoY) and realisation falling by a mere 0.4% QoQ (up 2.8% YoY). Improved operating leverage helped total cost/te slide 4.5% QoQ driving 29% QoQ jump in EBITDA/te to Rs812 (down 14% YoY).