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IDBI Capital Report
Our interaction with cement dealers suggests that the average cement price at all India level has declined by 2% month-on-month in Dec-22. Historically we have seen that in December prices go soft.
Importantly, decline in Dec-22 has come after three consecutive months of price hikes. And thus, average cement prices on QoQ basis have improved by ~2% in Q3 FY23.
Post sharp decline in energy prices in Oct-22/ Nov-22; first half of Dec-22 saw an increase in energy prices, though prices are softening again in second half of Dec-22.
Demand recovery is seen in Nov-22 (up 28% YoY), supported by low base and overall pick up in demand.
We expect cement companies to report earnings recovery in upcoming quarters led by demand revival, price hike and lower cost.
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