Cement Q1 Preview - Covid 2.0 Impacts Demand Although Growth Drivers Remain Intact: Axis Securities
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Axis Securities Report
In Q1 FY22, cement demand was impacted owing to the lockdown-led restrictions imposed at the state level.
The demand varied in line with varying timelines and stringency of the lockdowns in various states.
While non-trade channel witnessed good demand as various central government projects related to Infra were continuing at good pace, state governments’ projects were partially impacted due to lockdown-led restrictions and partially due to shortage of funds.
Demand from the state government's projects is gaining traction post-market re-opening. However, as per dealers, a speedy revival of these projects stands critical for cement demand moving ahead.
On a positive note, the availability of the workforce was less impacted relative to the conditions over the last year.
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