Demand to outpace supply leading to improving utilisation Sustained infrastructure spends in low cost housing, roads along with a pickup in private capex are expected to further boost cement consumption. Though elections may cause a short-term blip, expenditure is expected to normalise in the peak quarters of Q4FY20E and Q1FY21E. Further, north (where JK Cement sells ~75% of volumes) is expected to witness limited capacity addition CAGR of 2.0% in FY18-20E while demand is expected to grow ~7-8% resulting in improving utilisation and pricing. Consequently, we expect revenues to increase at a CAGR of 9.9% in FY18-20E....