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'Cement prices may go up if input cost continues to rise': India Cement MD N Srinivasan

Cement prices may go up if input cost continues to rise : India Cement MD N Srinivasan
Variable cost for the quarter was high. If there is an increase in the input cost, we will have to increase the price, said Srinivasan in an interaction
Ashutosh Kumar | May 24, 2021 | Updated 16:15 IST
Vice Chairman and Managing Director of cement major, India Cement Ltd, N Srinivasan today said that the company expects cement prices to go up if the input cost continues to rise. Srinivasan also said that demand is now improving in Western and Northern Indian where lockdown is gradually being eased.
Maintaining that the company will stick to its capital expansion plans despite the second wave, Srinivasan also said that he expected the lockdown restrictions to be eased by mid-June after which pent up demand will drive sales and growth. ....

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Analysts bullish on cement stocks on sustained demand, price hikes

The government’s push on infrastructure along with sustained demand courtesy affordable housing has turned analysts bullish on the cement sector. Besides, expectations of further price hikes, to ensure sustainability of the current hikes, further alleviate their concerns on sustenance of margins amid rising cost pressures.
Factoring-in an above-average demand growth of 9 per cent CAGR over financial year 2021-23, coupled with and limited new supply (4.6 per cent CAGR), analysts at global brokerage Morgan Stanley have raised their FY23 earnings estimates by up to 13 per cent, driven by better realization/margin assumptions.
“Valuation (on EV/EBITDA) is not cheap, but with improving growth visibility and return ratios, multiples tend to overshoot long-term averages, and investors focus should shift to two-year forward EV/EBITDA and free cash flow (FCF) yield, which are still attractive,” notes Gaurav Rateria, equity analyst at the brokerage in a co-authored report ....

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