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Motilal Oswal Report
Cement demand has started picking up from the second half of December 2021 after the volume decline in November 2021. We estimate that sales volume in Dec-21 should be up over 20% month-on-month (0-3% YoY). There should be a YoY improvement in demand in Dec-21 across regions (excluding East India).
We expect industry volumes to decline by 5-7% YoY in Q3 FY22 due to lower demand in Nov-21. We believe that the volume decline in Nov-21 was led by:
unseasonal rainfalls,
sand crisis in East India and a few pockets of Uttar Pradesh, which was resolved from the first week of Dec-21, and
an auspicious marriage season after the Covid-19 outbreak last year.
Demand should improve further from January 2022, with a pickup in government Infrastructure activities.
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