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Reliance Securities Report
Higher input cost continues to remain the major concern for cement companies in Q4 CY21/Q3 FY22 as well. However, pet coke and international coal prices have softened from the higher levels, providing some relief to cement companies by alleviating concerns of a further increase in the operating costs.
Both pet coke and imported coal prices have corrected between 40%-45% from the recent highs and are trading at $140-$150/tonne and $130-$140/tonne, respectively.
Diesel prices are lower by 12% from the peak levels but are still up 15% YoY (even after the recent cut by the central and state governments). Owing to the higher operating costs, we estimate Ebitda margins of the companies under our coverage to contract during the quarter.
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