External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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.