Led by a demand slump in Andhra Pradesh from H2FY20, Sagar Cements faced challenges in FY20. While signs of a recovery were seen from January 2020, the virus outbreak led to weakness in demand and a nationwide lockdown. While operations have resumed gradually, the management said that its business is 50% below previous year's volumes and also cannot be confident whether this demand will sustain in coming months. Thus, the management expects FY21 to be a challenging year with volumes seeing a double digit decline, owing to utilisation levels remaining sub-par. We model...