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Orient Cement Ltd (Orient), a CK Birla group company having its plants in Telengana (capacity 3mtpa) and Maharashtra (capacity 2mtpa), is expanding its cement capacity by 3mtpa (an increase of 60%) to 8mtpa by 1QFY2016. The new plant is expected to be the next growth driver as it would contribute significantly to volume growth. We expect Orient to report a healthy 14.1% volume CAGR during FY2014-16E, aided by expected improvement in cement demand. The improvement in demand is expected on the back of pick up in infrastructure activities with a stable government at the centre, resolution of Telengana-Seemandhara dispute, and progressive state governments in the companys key markets (Telengana, Andhra Pradesh and Maharashtra, which account for 89% of sales). Improvement in cement demand is expected to take cement prices higher; we expect realizations for Orient to increase at a CAGR of 8.5% over FY2014-16E (in 1HFY15 realizations grew by 7.2%).Download Full Report
|Investment Period||12 Months|
|MCAP BSE (Rs in Cr)||3,657.47|
|MCAP NSE (Rs in Cr)||3,681.03|
|Div Yield (%)||0.56|
Shareholding Pattern (%)
|Public & Others||19.0|