ICICI Securities: Cement     Prices Resilient In Q3; Consensus Upgrades To Continue 
A worker levels a slab of cement at a construction site (Photographer: David Paul Morris/Bloomberg) 

ICICI Securities: Cement Prices Resilient In Q3; Consensus Upgrades To Continue 

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 industry demand likely grew in mid-single-digit YoY during October-November 2020 led by more than 10% YoY growth in North, Central and East regions, while South still continues to decline YoY with West region may be broadly flat YoY.

Unlike previous years, which usually witnessed 2-4% QoQ price decline in Q3, average prices are resilient and broadly trending flat QoQ in Q3 FY21 till date.

Consensus FY21E / FY22E Ebitda has been upgraded by 25%/15% over the past five months and we see an upside risk to these estimates.

Click on the attachment to read the full report:

ICICI Securities Cement Monthly Update.pdf

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