Cement demand could not be sustained due to Covid-19 pandemic: K M Birla

Birla informed shareholders that cement demand for most of FY2020 was sluggish, with improvement expected December onwards

UltraTech Cement Chairman Kumar Mangalam Birla said on Wednesday the improved demand situation since December 2019 could not be sustained due to the outbreak of the Covid-19 pandemic. He was addressing shareholders at the company’s first virtual annual general meeting. 

“While 2020-21 (FY21) will be a challenging year, I remain confident that the economy will revert to the 

6-8-per cent growth trajectory in the next financial year,” he said and reiterated the company had a strong balance sheet, robust cash flows, and comfortable gearing levels. 

Birla informed shareholders that cement demand for the most part of 2019-20 (FY20) was sluggish,