Competition in India's cement sector heated up with the entrance of the Adani Group in September 2022, top manufacturers bumped up discounts to maintain market share, according to a report from British wealth manager Investec.
The average discounts offered per tonne of cement by UltraTech Cement, Shree Cement and Dalmia Bharat increased consistently over FY23 and FY24, shows the 8 December report.
Ramco Cements saw a sharp drop in discounts in FY23 before a hike in FY24, the data show.
However, Ambuja Cements and ACC, the companies purchased by the Adani Group for its cement foray, gradually reduced discounts over the same period.
Discounting at Ambuja and ACC dropped at a compounded annual rate of 18% and 13%, respectively, between FY22 and FY24.
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