Cement volumes to expand by 9-10% in FY 2024 despite moderation in growth in H2: operating margins to improve by 260-310 bps to 16.0-16.5%: ICRA

ICRA expects cement volumes to rise by a healthy 9-10% in FY2024 supported by demand from infrastructure and urban housing sectors. In H1 FY2024, the volumes increased by 11-12% YoY. Nevertheless, the below normal monsoons could impact the overall crop output in 2023, adversely impacting farm incomes and demand for rural housing in some markets. Moreover, with the upcoming State Elections, the release of funds towards ongoing infra projects may slow down, posing some downside risks to cement volume off-take in H2 FY2024. The cement prices in FY2024 are expected to sustain at previous-year levels.

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