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ICICI Securities Report
We expect the asbestos cement sheet industry to continue witnessing strong demand and pricing tailwinds in FY21 on the back of healthy rural demand.
Being an oligopoly industry with the top-six players accounting for approximately 80% of the industry size (Rs 39 billion, or 3.6 million metric tonne per annum), we believe players with pan-India presence are likely to witness strong earnings growth in FY21E.
Besides healthy demand, pricing in the industry too held up in Q2 and Q3-to-date (despite being seasonally weak quarters) and is expected to remain firm through the current fiscal.
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