Cement’s Demand Surprises; Earnings Upgrade To Continue: ICICI Securities  
Indian labourers unload bags of cement from a truck in Gurugram, India (Photographer: Adam Ferguson/Bloomberg News)

Cement’s Demand Surprises; Earnings Upgrade To Continue: ICICI Securities  

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.

ICICI Securities Report

Our channel checks suggest better than expected demand trends in February 2021, with industry likely to post month-on-month growth (despite three days less) and high single-digit YoY growth.

Accordingly, Q4 FY21 is likely to see more than 20% YoY volume growth, also aided by the low base of March-20.

FY21E is likely to end with broadly flat volumes YoY, despite ~30% YoY decline in Q1 FY21.

Variable cost increases QoQ are likely to be offset by better operating leverage and cost efficiencies, and the industry may post 25-30% YoY Ebitda growth in Q4 FY21E.

Click on the attachment to read the full report:

ICICI Securities Cement Monthly Update.pdf


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