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Anand Rathi Report
Q1 FY22 cement demand was curbed by lockdown restriction (Covid-19 second wave).
April/May production fell 15%/13% month-on-month (Index of Industrial Production data).
Our channel checks show non-trade demand was firm.
Various infra activities, pre-monsoon demand and relaxed lockdown restrictions led to cement demand rising in June.
For companies we cover, we expect cement volumes to decline 12.2% QoQ; though, because of the low base, YoY volumes would have grown ~60.5%.
On high input costs, cement prices were hiked across regions in Q1, the highest being in the East and South where all-India prices rose 7.4% QoQ (flat YoY).
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