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Yes Securities Report
After a slowdown in Q1 and Q2 due to multiple issues i.e., prolonged monsoon impact, festive season and regional fund release issues, cement industry is likely to witness tepid growth in Q3.
Post the budget announcement, we haven’t seen any significant improvement in demand across the region, while prices are remains at the level of three years average prices. However, in December 2024 most the pockets have taken a price hike in the range of Rs 7-10/ bag (versus Rs 10-20/bag announcement).
Although, we may see pressure on top-line growth, but lower operating cost may save margins. Especially players, having regional pricing power, strong market presence and higher usage of green energy to perform well in Q3. And expect, on QoQ basis major cost savings likely to be ACC followed by Shree Cement and UltraTech Cement in our coverage.
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