Cement Sector Check - Pricing Remains Tepid; Demand Worries Persist: Systematix

Systematix Report

Cement volume under our coverage universe grew 6.1% YoY during the quarter. Companies like ACC Ltd. (8.5%), Shree Cement Ltd. (8.1%) and Sagar Cements Ltd. (8.8%) outperformed the industry while Ambuja Cement Ltd. and The Ramco Cements Ltd. disapponted with 2.2% and 1.4% growth respectively.

Shree Cement pushed volumes at the cost of low realisations causing net sales realization/tonne to fall 5.8% QoQ. Ambuja and Ramco Cements also witnessed a sharper dip at 3.5% while Ultratech Cement Ltd. and Dalmia Bharat Ltd. demonstrated relative price resilience with net sales realization/tonne falling 2.8% and remaining flattish respectively.

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