Cement dispatches rebounded strongly in 2QFY25, rising 23% QoQ to 9.9 million tons. This positive momentum carried into early 3QFY25, reducing the 8MFY25 decline to 6% YoY—an improvement from earlier trends. This recovery followed a challenging 1QFY25, where local dispatches dropped ~20% YoY and 7% QoQ to 8.1 million tons. The decline was driven by a sharp increase in bag prices due to a rise in FED per bag from Rs. 2 to Rs. 4, along with dealer strikes over new taxation measures in the FY25 budget.
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