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Prabhudas Lilladher Report
We expect our cement coverage universe to report revenue/Ebitda/profit after tax decline of ~10%/17%/36% QoQ (-1%/+3%/-10% YoY) given the decline in cement prices across regions, and tepid volume growth. Demand remained muted in the quarter due to Lok Sabha elections spanning over 40+ days and the harvesting season, which impacted labor availability as well.
Heat wave across the country as well as water shortage in some regions also played a spoilsport for construction activities. Cement realisation was under pressure in Q1 as the price hikes attempted in April and May could not be sustained. Key monitorables to watch out are:
demand scenario amidst seasonally weak quarter,
price sustainability amidst intensifying competition, and
consolidation in the sector.
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