Our channel checks show 4QFY22F demand will recover qoq, with the fall limited to mid-single digit yoy; we expect a sharp recovery from Apr 2022F. Pan-India cement prices have improved in Jan-Feb 2022 from their low base of Dec 2021 but remain flattish in Mar, while further hikes are key monitorable. Inflation in key inputs (coal, pet coke) and crude oil (its prices corrected from their peak recently) continues to be an area of concern in the medium term.