ICICI Direct's research report on Orient Cement
Orient Cement is a mid-sized (8.0 MT) cost-efficient player in the cement space. Its cement plants are located in Devapur, Telangana (3 MT integrated), Chittapur, Karnataka (3 MT integrated), Jalgaon, Maharashtra (2 MT grinding unit). The company derives revenues largely from Maharashtra (50%), Telangana, Karnataka and MP markets • It also has 101 MW power plant (95 MW CPP, 6 MW WHRS) that makes it selfsufficient in terms power requirements.
Now with the strong b/s, the company is in a better position to withstand the cost challenges and grow the business beyond south. Maintain BUY. We value it at Rs 150 i.e.6.0x FY24E EV/EBITDA.
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