Cement Sector Update - Volumes report flattish trend sequentially in 2Q By JM Financial
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Volumes report flattish trend sequentially in 2Q
The railway freight data for Sep’21 indicates a marginal demand moderation MoM. Volumes transported through railways reported a 3% MoM drop in Sep’21.
However, in comparison to last year, transported volumes in Sep’21 were up 7% as the volumes attained normalisation in Sep’20 post first wave. Cumulative volumes for Jul-Sep’21 (2QFY21) period witnessed a marginal decline (-1%) vs. cumulative volumes in Apr-Jun’21 (1QFY21) period. The cumulative volumes for Apr-Sep’21 period is up 50% vs the volumes transported in AprSep’20 period.
Key Findings
Volumes in 2Q are expected to report flattish trend sequentially
* Volumes transported through railways in Sep’21 reported a marginal 3% drop MoM (+7% YoY as the volumes normalised in Sep’20).
* Cumulative volumes in Jul-Sep’21 (2Q) period was largely stable (-1%) in comparison with the cumulative volumes over Apr-Jun’21 (1Q) period. Volumes recovered swiftly post the dip in May’21 (owing to 2nd wave of COVID-19).
* Overall, transported volumes on a FY22-YTD basis (Apr-Sep’21) is higher by 50% YoY.
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