BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Report
Despite the Covid-19-induced slowdown, cement demand has recovered to last year’s level in Q2, leading to flattish utilisation YoY at 68%.
During Q2, we estimate aggregate sales for 13 cement companies under coverage would have grown 2% YoY, led by volume growth across north, central and east markets, while volume decline trend would have continued in south and west markets (albeit at a slower pace).
Retail sales have been buoyant and drove total volume growth, despite lower non-trade demand.
In South, project demand has picked up in the past two months, thus moderating regional volume decline in Q2 FY21.
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