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ICICI Securities Report
Our channel checks suggest demand remained strong in March 2021 and likely grew in high single-digit month-on-month, despite ~5% month-on-month price hike.
Q4 FY21 is likely to have seen more than 20% YoY volume growth, aided by the low base of March 2020.
Dealers suggest prices may be hiked by another Rs 15-30 per bag across most regions with-effect-from the first week of April 2021 led by continued strong demand and necessitated by cost escalations (in our view).
Historically, prices rose by an average of 9% QoQ in Q1 of every year in three of past four years.
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