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Nirmal Bang Report
Cement demand growth for the industry is expected to be moderate at ~6%+ YoY in Q3 FY24 due to festive seasons and elections held in a few states. However, FY24 demand growth is likely at ~9%, supported by government's thrust on infrastructure and private capex.
Pan-India average price improved by 2-3% QoQ versus Q2 FY24. However, the industry witnessed price rollbacks of 1-2% during the quarter due to moderation in demand.
Low-cost inventory and easing of fuel costs to aid margin recovery in Q3 FY24.
Ebitda/tonne for the companies under our coverage is likely to improve by ~40% YoY and ~19% QoQ.
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