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.
Motilal Oswal Report
Cement demand has started picking up from the second half of December 2021 after the volume decline in November 2021. We estimate that sales volume in Dec-21 should be up over 20% month-on-month (0-3% YoY). There should be a YoY improvement in demand in Dec-21 across regions (excluding East India).
We expect industry volumes to decline by 5-7% YoY in Q3 FY22 due to lower demand in Nov-21. We believe that the volume decline in Nov-21 was led by:
unseasonal rainfalls,
sand crisis in East India and a few pockets of Uttar Pradesh, which was resolved from the first week of Dec-21, and
an auspicious marriage season after the Covid-19 outbreak last year.
Demand should improve further from January 2022, with a pickup in government Infrastructure activities.
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