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ICICI Securities Report
Our channel checks suggest cement demand likely grew in mid-single digit YoY during January 2021, while average pan-India prices stood broadly flat month-on-month (still up 4% YoY).
Q3 FY21E earnings are better than our/consensus estimates due to higher realisation and lower than expected costs escalations leading to further earnings upgrades.
Recent Budget 2021 puts increased thrust on higher government spend on infrastructure which could boost demand growth.
Key trigger to watch out would be seasonal price hikes during first half of calendar year owing to peak construction period and also necessitated this time by costs increases (to be reflected in H1 CY21).
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