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Prabhudas Lilladher Report
Based on our channel checks, all-India cement demand fell 7% YoY in October-November 2021. Bulk of the decline came in November, which is estimated to have fallen by 14%.
Volumes were tepid across the regions except North. East region extended its weakness with an estimated fall of 17%. Aided by low base, fall in western region's demand is expected at 5%. Southern region's volumes are estimated to have fallen 10% YoY in spite of weak base. Central region's volumes fell 7% YoY on a lean base.
In midst of fall in other regions, North held well with flattish volumes YoY. We expect volumes in December to fall in range of 4- 5% due to slow pick up in demand.
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