Our cement coverage reported an 18% y-o-y fall in Q1FY23 Ebitda (4% beat) on cost pressures. The small beat was driven by better realisation. Petcoke, a key cost, is down >30% vs the Q1 avg. and will likely reduce cost pressure in Q3FY23. Soft cement prices should be reflected in weak Q2 profitability, but the …
