BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Anand Rathi Report
Q1 FY22 cement demand was curbed by lockdown restriction (Covid-19 second wave).
April/May production fell 15%/13% month-on-month (Index of Industrial Production data).
Our channel checks show non-trade demand was firm.
Various infra activities, pre-monsoon demand and relaxed lockdown restrictions led to cement demand rising in June.
For companies we cover, we expect cement volumes to decline 12.2% QoQ; though, because of the low base, YoY volumes would have grown ~60.5%.
On high input costs, cement prices were hiked across regions in Q1, the highest being in the East and South where all-India prices rose 7.4% QoQ (flat YoY).
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