Selling 30 million tons this year, cement demand in FY25 (so far) has dropped 20% from the industry peak in FY21, clocking the same volume of dispatches as last year. Domestic demand has remained weak (down 6% in 8MFY25) with exports coming for the rescue (up 32% YoY). Cement industry players are pushing for tax and duty reductions as real estate developers hope for a housing scheme that will reopen doors for a short-lived real estate and construction boom. Meanwhile, in 1HFY25, cement companies combined turned over an earnings growth of 31% compared to last year.