Buy Orient Cement; target of Rs 117: HDFC Securities

HDFC Securities is bullish on Orient Cement has recommended buy rating on the stock with a target price of Rs 117 in its research report dated January 30, 2021.

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HDFC Securities’ research report on Orient Cement

Orient Cement (ORCMNT) reported a solid 3QFY21 (in line with our estimates). Strong pricing and fuel mix optimisation more than offset impact of sales loss, mainly in Telangana. Thus, revenue/EBITDA grew 7/149% YoY to Rs 6.05/1.37 bn. Lower depreciation further boosted APAT to Rs 539mn vs net loss of Rs 57mn YoY. We continue to like ORCMNT for its efficient opex and balance sheet focus.

Outlook

We maintain our BUY rating on the stock with an unchanged target price of Rs 117sh (7x Dec’22E EBITDA).

For all recommendations report, click here

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