Cement makers lower FY25 outlook on extreme weather, low govt spending
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As against a high-single digit growth expected at the start of FY25, firms are now guiding for the industry to grow in mid-single digits. This will mark a sharp slowdown from the double-digit growth in volumes in the last three financial years spurred by Centre's thrust on infrastructure.
While the first half of FY25 tends to be weaker for cement producers, the impact has been particularly severe this year. Volumes in the June quarter grew only 3% year-on-year due to extended heatwaves and labour shortage due to the elections. Sales in the September quarter remained flat to marginally negative amid a prolonged monsoon.
Adani Cement cut its demand outlook for the full year to 4-5% post its September quarter earnings from its May estimate of 8-9% growth. The forecast assumed a 7% GDP growth and a multiplier effect of 1.2 to 1.3 times for the cement industry.
Nuvoco Vistas, which estimated the industry growing at 7-8% in May, has now cut its volume growth estimate to 4% for FY25.
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