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Broker s call: Orient Cement (Buy) - The Hindu BusinessLine
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Retain BUY Rating on Orient Cement - Utilisation soars to 93%, bolstering profit - HDFC Securities
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Orient Cement - Strong show; balance sheet strengthened - ICICI Securities
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Orient Cement s INR21bn project cleared to begin 12 April 2021
India’s environment ministry has reportedly cleared Orient Cement’s INR21bn (US$280.27m) expansion plan for its Telangana plant, according to the India National Press.
In 2017 the company announced its plans to expand its Devapur plant in Telangana and Chittapur unit in Karnataka for an estimated capital expenditure of INR36bn. However, the plans were stalled and were with the environment ministry for the last two years as an expert panel sought several clarifications.
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Orient Cement - Balancing growth and leverage - ICICI Securities
Posted On: 2021-01-31 23:46:48 (Time Zone: Arizona, USA)
Orient Cement s (ORCMNT) Q3FY21 EBITDA at Rs1.37bn (+2.5x YoY) was ahead of our/consensus estimates, led by better realisation and lower costs. Realisation increased 17% YoY (declined 5% QoQ) led by firm prices in South, while total cost/te stood flat YoY owing to low-cost fuel inventory and improved efficiencies. ORCMNT plans to set up 2mnte grinding unit at a capex of Rs5bn in Maharashtra, mainly to save logistic costs and also set up 10MW WHRS at a capex of Rs1bn by Q3FY23E. Net debt declined Rs1bn QoQ (Rs3bn YTDFY21) to Rs8.6bn as of Dec 20 and is unlikely to increase over FY22-23E even after factoring in the above capex. We maintain our FY22E-FY23E EBITDA and target price of Rs93/sh based on 6x FY23E EV/E. The stock has more than doubled post our upgrade in May 20; downgrade to ADD. Key risk: Lower-than-expected demand/pricing.