India: The Indian cement industry's sales volumes will rise by 18 - 20% year-on-year in the 2022 financial year and surpass 2020 financial year pre-Covid-19 outbreak levels by 6%, according to ratings agency ICRA. The Press Trust of India has reported that, in the first nine months of the 2022 financial year, fuel and electricity costs rose by 31%, raw materials costs by 12% and logistics costs by 5%. This offset a 5% net sales rise to result in an operating profit before interest, taxes, depreciation and amortisation (OPBITDA) per tonne of cement of US$14.70/t, down by 10% year-on-year. ICRA forecast a further decline in full-year OPBITDA per tonne of 16 - 18% to US$13.50 - 13.80/t in the 2022 financial year.
ICRA forecasts 18 - 20% Indian cement sales volume growth in 2022 financial year
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