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Motilal Oswal Report
Our channel checks suggest that the industry has hiked prices again in April 2021, after the hikes in March 2021, to pass on the cost inflation.
Prices have been raised by Rs 20-30/bag month-on-month in East India and by Rs 5-10/bag in other regions.
Demand remains strong, particularly in East India, where it is growing by over 10%, which should help absorb these hikes.
The hikes should also alleviate concerns on near-term margins from the sharp commodity cost inflation – petcoke, coal, and diesel prices are up 109%, 54%, and 34% YoY, respectively –seen in the last few months.
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