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Cement demand to slow to 7-8% this fiscal: CRISIL report
The Business Guardian
|October 15, 2024
The growth rate for cement demand in India is expected to moderate to 7-8 per cent on-year, reaching approximately 475 million tonnes (MT) in the current fiscal year, according to a recent report by CRISIL Ratings.
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This marks a slowdown following a compound annual growth rate of around 11 per cent between fiscals 2022 and 2024. Despite the tempered growth, the operating profitability of cement companies is anticipated to remain stable at Rs 975-1,000 per tonne, which is above the decadal average of Rs 963 per tonne.
The first quarter of this fiscal saw cement demand increase by only 3 per cent, attributed to an extended heatwave and labor shortages during the general elections. A similar growth pattern is estimated for the second quarter due to seasonal factors.
A rebound in rural housing demand, supported by a healthy monsoon, is expected to drive growth in the housing segment, which constitutes 55-60 per cent of cement demand.
This story is from the October 15, 2024 edition of The Business Guardian.
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