AV Birla Group companies Grasim and Ultratech witnessed high dispatch growth on the back of capacity additions. Grasim Registered growth of 43.1% yoy on account of capacity additions and low base (last August couple of cement mills for Grasim where shutdown. Ultratech posted total dispatches growth of 8.1% (cement dispatches up 21.2%, Clinker volumes down 40.8%). However we note that the month of August Ultratech has registered total Dispatches of 1.5 mt as compared to 1.2 mt in July 2009. Ultratech in July had undertaken periodic maintenance for 4-5 of its cement mills.
Ambuja Cement registered dispatch growth of 15.3% for the month while ACC registered growth of mere 7.1% yoy.
Cumulatively the top 6 producers have registered growth of 20%, regaining momentum lost in July (top 6 players growth at 15%).
We have been positive on the sector on the back of strong dispatch growth, uptick in prices and delay in capacity addition. We remain positive on the sector with ACC, Ultratech and Shree as our top pick in the sector.
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