BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
As per our channel checks, demand seems to be improving in March 2022 and may see more than 17-18% month-on-month and low-single digit YoY growth after having declined marginally YoY for the past three months.
Industry may post highest-ever volumes in March-22 (~38 million tonne) with 91% utilisation despite high base of Mar-21, in our view.
We believe Q1 FY23E may see stronger 10-15% YoY demand growth aided by low-base of Q1 FY22 impacted by second Covid-19 wave. While average pan-India prices are up 5% YoY in Q4 FY22, they would still likely fall short of sharp cost increases YoY.
Besides, current average fuel prices (which would impact in Q1 FY23) are still ~30% higher than Q3 FY22 fuel consumption rate necessitating further ~Rs 40/bag (10%) QoQ price hike in Q1 FY23E which remains a key trigger for the sector.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
