Cement – Demand Revived Back To April Levels; Margins To Improve In Q1 FY22: Prabhudas Lilladher

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Prabhudas Lilladher Report

Based on our channel checks, all-India cement demand held up well in May with decline of 13% month-on-month.

On YoY, it is expected to have grown by 4% on a negative base of 10%.

Most importantly, activity picked up strongly in June as volumes are estimated to have increased by 17% month-on-month (up 6% YoY).

Among regions, North is expected to outperform with 25% growth month-on-month on a flattish base.

Volumes in Central region are expected to grow at 12% on a flat base.

In spite of reduced offtake, industry fared well to expand realisations across the regions.

We expect realisations to increase by 6% QoQ/Rs 270 (up 3% YoY/Rs 140).

Click on the attachment to read the full report:

Prabhudas Lilladher Cement Monthly update.pdf


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