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Axis Securities Report
Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.
In Q2 FY23, the cement companies witnessed soft demand in July 2022 and August 2022 but saw demand reviving strongly in September 2022, driven by higher retail as well as institutional demand. Institutional demand was more robust led by increasing construction activity after the receding monsoon.
Construction activity also picked up on the back of lower commodity prices of building materials.
Retail cement demand witnessed recovery which was led by pent-up demand released towards the month's end as pre-Diwali construction and repair work gained momentum. Channel checks suggest that while the rural demand has still not recovered meaningfully, urban and semi-urban demand has been scattered across the regions.
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