India: Axis Bank subsidiary Axis Securities has predicted a 4 – 6% year-on-year drop in Indian cement sales volumes during the third quarter of the 2022 financial year, which ended on 31 December 2021. The Hindu newspaper has reported the reasons for the predicted drop as extended monsoons, especially in the south of the country, and a construction ban in the National Capital Region due to pollution. Monthly sales grew slightly year-on-year in December 2021.
Axis Securities has also forecast a revival of demand in the fourth-quarter, driven by infrastructure and housing projects. Overall, it expects national demand for cement to grow by 8 – 9% in the 2022 financial year.