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Axis Securities Report
Cement demand stood better in Q2 FY22 on a YOY basis with the economy reopening gradually post Covid 2.0 as well as the pace of vaccination accelerated.
Q2 is traditionally a weak quarter with a softer cement demand owing to monsoon and related issues.
While Q1 FY22 witnessed slower demand momentum led by Covid 2.0 disruptions, demand gained momentum in July 2021, (though it was softer in August 2021), and further picked up in September 2021 with better non-trade demand.
The non-trade channel witnessed good demand as various central government projects related to infra continued at a good pace.
However, state governments projects got impacted due to lockdown restrictions and shortage of funds.
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