Pandemic poses headwinds; revenues to recover from FY22E Cement companies lost significant business owing to lockdown in April. While volume offtake has shown pace on the back of strong rural demand, it remains lower YoY. While operations have resumed, companies are facing logistics challenges, which is a key challenge. Demand has been healthy in the central region currently led by pre-monsoon works and rural housing. However, we expect HCIL to see its volumes decline 7.5% YoY to 4.4 MT in FY21E. Realisations are also expected to slip as the current pent-up demand...