To begin with, in the December quarter (Q3FY24), sales volume at 4 million tonnes (mt), rose 10% year-on-year, but fell sequentially, missing estimates.
Heavy rain, cyclones and holidays in key markets of south and east India hit demand. For Q4FY24, sales volume is seen at 5 mt and 19-20 mt in FY25.
Pricing pressures dampened realizations in Q3FY24 and the outlook provides little comfort.
Currently, cement prices in key markets are under pressure due to muted demand, and may be better in mid-February/March, the management said.
Even so, no fireworks are expected on the margin front.
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