Led by better sand availability and uptick in rural demand, cement consumption is expected to increase with an increase in construction activities. In addition, sustained infrastructure spends in low cost housing, roads along with a pick-up in private capex are expected to further boost cement consumption. Further, with limited capacity addition (CAGR of 2% in FY18-20E) and improved demand (CAGR of ~7-8% in FY18-20E) in the northern region, we expect utilisation to further improve in coming years. Since the company sells 95% of its cement production in the north, we...