Demand is expected to pick up in coming months. Company displayed resilient performance despite the coal shortage and oil price increases. However, margins are expected to remain under pressure in the shortterm owing to rising fuel costs. Taking a cautious view, we downgrade rating to HOLD with a TP of Rs. 7,780 based on 14x FY23E EV/EBITDA. Higher fuel costs and coal shortage impact margins Q2FY22 revenue rose 15.7% YoY to Rs. 12,017cr, supported by growth in cement sales volume of 7.9% YoY to 21.6mt and improved realisations (+7.2% YoY to Rs. 5,553/t). Despite the monsoon season, company witnessed robust demand with grey cement...