Displaying items by tag: Monsoon

India: UltraTech Cement's consolidated sales were US$3.51bn during the first half of the 2023 financial year, which began on 1 April 2022, up by 22% from US$2.88bn in the first half of the 2022 financial year. Its net profit was US$283m, down by 22% year-on-year from US$363m. This was due to a 32% cost rise to US$3.13bn from US$2.38bn. Power and fuel contributed 32% of costs at US$1bn, up by 68% from US$598m in the first half of the 2021 financial year.

UltraTech Cement said that it began to see signs of cement demand revival in September 2022, following traditionally subdued second-quarter demand due to seasonal rains.

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.