External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Cement demand momentum continued in Q2FY24: Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations due to the monsoon.</li><li>Demand momentum was primarily driven by government-led infrastructure and housing development, as well as encouraging real estate demand.</li><li>Demand momentum had slowed in Jul'23 due to monsoon rains, but strengthened in Aug’23 and continued in Sep’23, albeit with some moderation due to monsoon rains.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement demand momentum continued in Q2FY24: Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations due to the monsoon.Demand momentum was primarily driven by government-led infrastructure and housing development, as well as encouraging real estate demand.Demand momentum had slowed in Jul'23 due to monsoon rains, but strengthened in Aug’23 and continued in Sep’23, albeit with some moderation due to monsoon rains.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We maintain our BUY rating on Orient Cement with an unchanged TP of INR 160/share (7x Mar-25E EBITDA)</li><li>Orient reported strong 16% YoY volume growth in Q1FY24 (muted +1% five-year CAGR) on healthy non-trade demand</li><li>Despite healthy volumes and NSR (+2% QoQ), the benefits got eroded as opex rose 7/3% QoQ/YoY, mainly owing to the maintenance shutdown at the Chittapur plant (impact of ~INR 150/MT)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our BUY rating on Orient Cement with an unchanged TP of INR 160/share (7x Mar-25E EBITDA)Orient reported strong 16% YoY volume growth in Q1FY24 (muted +1% five-year CAGR) on healthy non-trade demandDespite healthy volumes and NSR (+2% QoQ), the benefits got eroded as opex rose 7/3% QoQ/YoY, mainly owing to the maintenance shutdown at the Chittapur plant (impact of ~INR 150/MT)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Orient Cement (Q1FY24): Strong Volume Offtake, One-Off Cost Drags Margin.

<ul><li>OCL reported Revenue/Volume growth of 15%/16% YoY ( above expectations) while EBITDA/APAT degrew by 3%/1% respectively YoY.</li><li>This was due to elevated costs led by higher RM and other expenses as the company shut down its plant during the quarter for maintenance.</li><li>This amounted to a hit of Rs 24 Cr during the quarter.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

OCL reported Revenue/Volume growth of 15%/16% YoY ( above expectations) while EBITDA/APAT degrew by 3%/1% respectively YoY.This was due to elevated costs led by higher RM and other expenses as the company shut down its plant during the quarter for maintenance.This amounted to a hit of Rs 24 Cr during the quarter.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Orient Cement Limited - Higher Costs Impact Margin

<ul><li>The company reported revenue of Rs 2,937 Cr, posting a growth of 8% on a YoY basis.</li><li>Higher volume and better realization contributed to improved sales during the year.</li><li>The sales volume stood at 5.76 mtpa, reporting satisfactory growth of 5% in FY23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company reported revenue of Rs 2,937 Cr, posting a growth of 8% on a YoY basis.Higher volume and better realization contributed to improved sales during the year.The sales volume stood at 5.76 mtpa, reporting satisfactory growth of 5% in FY23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Orient Cement - Capacity Expansion & Premiumization to Drive Growth

<ul><li>We expect industry volume to grow by ~9% YoY in FY24</li><li>We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24</li><li>So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savings</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect industry volume to grow by ~9% YoY in FY24We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24So, we expect realisation to fall 1-2% YoY in FY24, as the industry would partially pass on the cost savingsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement: Demand stays strong; fuel costs cool off further

India

Orient Cement Limited manufactures and distributes cement.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Orient Cement (ORCMNT IN)

Cement - Q2FY24 Earnings Preview

Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations...

Axis Direct

Orient Cement (Q1FY24): Strong Volume Offtake, One-Off Cost Drags Margin.

We maintain our BUY rating on Orient Cement with an unchanged TP of INR 160/share (7x Mar-25E EBITDA). Orient reported strong 16% YoY volume growth...

HDFC Securities

Orient Cement Limited - Higher Costs Impact Margin

OCL reported Revenue/Volume growth of 15%/16% YoY ( above expectations) while EBITDA/APAT degrew by 3%/1% respectively YoY.

Axis Direct

Orient Cement - Capacity Expansion & Premiumization to Drive Growth

The company reported revenue of Rs 2,937 Cr, posting a growth of 8% on a YoY basis. Higher volume and better realization contributed to improved...

Axis Direct

Cement: Demand stays strong; fuel costs cool off further

We expect industry volume to grow by ~9% YoY in FY24. We expect fuel prices to further correct by at least ~INR 100 per MT QoQ each in Q2/Q3FY24

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)