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ICICI Direct Report
After gaining momentum in June, cement demand weakened in the first two months of Q2 FY21E with July and August witnessing volume degrowth of 13% and 15% YoY, respectively.
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We believe this would have been dragged mainly by the western and southern region as heavy monsoons and extended localised lockdowns may have impacted demand in these regions.
On the other hand, healthy demand is seen in the north, east and central regions.
Our interaction with the dealer network indicates likely 7% YoY growth in volume offtake in September leading to total sales volume of 72 metric tonne for Q2 FY21E (down 7% YoY, up 35.5% QoQ) at all-India level.
With this development, the overall negative impact for the sector and at the company level is expected to remain lower than estimated previously.
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