Motilal Oswal: Cement Prices Surprise Positively On Strong Demand
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Motilal Oswal Report
The Indian cement industry continues to surprise positively. Our channel checks suggest that demand has remained strong and prices this year have bucked the trend of weakness seen in the pre-festive season (Diwali) every year.
We raise our coverage profit after tax estimates by 7%/4% for FY21E/FY22E.
As per our channel checks, volumes are growing over 10% YoY in North, East and Central India. While demand has remained weak in the South and Maharashtra, it has recovered strongly from the 15-20% YoY decline seen in Q2 FY21
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