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The cement sector is back in the limelight as the reopening of the economy and trade open construction activity as well as private spending.
Coincidently, we are also at the cusp of a new decade for the sector. And it was only appropriate to look at it from the prism of structural trends that have played out last decade and what could play out the next.
Our coverage universe revenues grew 11.4%/ 10.2% over FY11-20/ FY15-20 while earnings grew by 9.3%/ 12.7%.
But, the real story we observe was in the operating profit (read profitability) that has driven the sector performance and valuation multiples.
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