Sagar Cements – Worth a look after a poor quarter?
Operational performance impacted by heavy rains and a slowdown in project execution
The cement industry faced a tough business environment in Q2
- Quarterly performance largely backed by improved realisations
- Medium-term triggers China plus and protectionist measures for tyre industry
- Valuations not inexpensive; but improved medium-term outlook
Highlights
- Demand environment has slackened
- Targeting 5-7 percent volume growth in FY25
- Margins to improve as volumes pick up in underutilised plants
- Cement prices continue to remain weak
Sagar Cements, which is focused on south India, has delivered a weak set of numbers in Q2 FY25 as operational performance was impacted by incessant rains as well as a slowdown in project execution, mainly related to government expenditure.
A challenging quarter
The cement industry faced a tough business environment in Q2 as
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