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Cement - Seasonal Pick-Up In Volumes Remains Slow; Realisations Growth Anaemic: Prabhudas Lilladher

Cement - Seasonal Pick-Up In Volumes Remains Slow; Realisations Growth Anaemic: Prabhudas Lilladher

<div class="paragraphs"><p>The shadow of site workers falls on wet cement as it is poured over reinforced steel during groundwork construction. (Photographer: Angel Navarrete/Bloomberg).</p></div>
The shadow of site workers falls on wet cement as it is poured over reinforced steel during groundwork construction. (Photographer: Angel Navarrete/Bloomberg).

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.

Prabhudas Lilladher Report

Based on our channel checks, all-India cement demand fell 7% YoY in October-November 2021. Bulk of the decline came in November, which is estimated to have fallen by 14%.

Volumes were tepid across the regions except North. East region extended its weakness with an estimated fall of 17%. Aided by low base, fall in western region’s demand is expected at 5%. Southern region’s volumes are estimated to have fallen 10% YoY in spite of weak base. Central region’s volumes fell 7% YoY on a lean base.

In midst of fall in other regions, North held well with flattish volumes YoY. We expect volumes in December to fall in range of 4- 5% due to slow pick up in demand.

Click on the attachment to read the full report:

Prabhudas Lilladher Cement Sector Check.pdf

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