New capacity to cushion fall in FY21, spur growth in FY22 The company posted 4.7% YoY growth, mainly led by a strong H1 followed by a sluggish H2. Amid the ongoing pandemic situation, we expect demand to broadly remain weak in H1, with a gradual recovery expected from Q3 onwards. FY20 would be a washout year for cement companies. Negative topline growth was due to weak volume. FY22 should see strong growth, led by demand recovery and a weak base. In Ramco Cement's case, while it would also see lower volumes, incremental volumes coming up from...