Cement sales volume to grow around 10% in FY24
Cement

Cement sales volume to grow around 10% in FY24

The cement industry in India is poised for substantial growth, with expectations of a 9 to 10 percent increase in sales volume during the current fiscal year, largely driven by robust demand emanating from the infrastructure and urban housing sectors. According to a report by the rating agency Icra, the industry enjoyed a commendable volume growth of approximately 12 percent during the first half of this fiscal year, spanning April to September.

However, the report notes that there may be a degree of growth moderation in the second half of the fiscal year. This adjustment is attributed to the impact of below-normal monsoons, which have adversely affected crop yields and, consequently, rural incomes. Consequently, demand for rural housing in certain regions may experience a downturn.

Furthermore, the report highlights the potential for the forthcoming state elections to lead to a slowdown in the allocation of funds for ongoing infrastructure projects. This, in turn, could introduce some downside risks to cement volume off-take in the latter part of the fiscal year 2023-24. Nevertheless, the overall outlook for the Indian cement industry remains positive, driven by the sustained momentum in the infrastructure and urban housing sectors.

The cement industry in India is poised for substantial growth, with expectations of a 9 to 10 percent increase in sales volume during the current fiscal year, largely driven by robust demand emanating from the infrastructure and urban housing sectors. According to a report by the rating agency Icra, the industry enjoyed a commendable volume growth of approximately 12 percent during the first half of this fiscal year, spanning April to September. However, the report notes that there may be a degree of growth moderation in the second half of the fiscal year. This adjustment is attributed to the impact of below-normal monsoons, which have adversely affected crop yields and, consequently, rural incomes. Consequently, demand for rural housing in certain regions may experience a downturn. Furthermore, the report highlights the potential for the forthcoming state elections to lead to a slowdown in the allocation of funds for ongoing infrastructure projects. This, in turn, could introduce some downside risks to cement volume off-take in the latter part of the fiscal year 2023-24. Nevertheless, the overall outlook for the Indian cement industry remains positive, driven by the sustained momentum in the infrastructure and urban housing sectors.

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