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ICICI Securities Report
Prism Johnson Ltd.'s Q1 FY23 standalone Ebitda inched up 2% YoY to Rs 1.5 billion, in line with our / consensus estimates. Cement volumes (including clinker) were up 9% YoY while cement Ebitda/tonne fell 35% YoY to Rs 750 (however, up 84% QoQ) owing to higher energy costs.
Tile-bath-kitchen division's revenue nearly doubled YoY on low base with Ebitda margin at 8.4%, up 520 basis points YoY but down 360 bps QoQ owing to lower capacity utilisation and higher natural gas prices.
Prism Johnson plans to add greenfield grinding capacity of 2 million tonne in eastern Uttar Pradesh by December 2024 and 5.5 million square metre per annum tile capacity in West Bengal by June 2023 besides 1.2 msm pa tile capacity expansion by one of the joint venture partners by March 2023.
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