Lockdown to lead to revenue decline; FY22 to witness pullback Cement companies in recent weeks had to undertake a complete shutdown of their plants in adherence to the national lockdown announcement. Q4 and Q1 are generally the strongest quarters for cement companies. With the lockdown continuing in these quarters, companies are expected to see significant loss of revenues. While the recent lifting of lockdown comes as a respite for cement companies, we may not see an immediate pick-up in cement volumes as normalisation of operations (due to social distancing...