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Axis Securities Report
Q3 FY22 witnessed subdued cement demand YoY. While demand gained pace in October 2021, it slowed down substantially in November 2021 owing to construction ban in the national capital region, heavy rainfall in Southern and few North states, sand issues in Eastern region as well as in parts of Uttar Pradesh, and holiday season during Diwali festival.
We estimate demand de-growth to be between 14-16% in Nov-21. Demand picked up in Dec-21, albeit at a slower pace. The non-trade channels witnessed good demand as various central government projects related to infra and housing continued at a good pace.
Rural demand, which was a torchbearer last time, stood laggard this time around as overall cement demand remained muted. Urban and semi-urban demand, too, was lacklustre with state governments projects progressing at a slower pace owing to fund shortage.
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