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ICICI Securities Report
Prism Johnson Ltd.'s Q3 FY22 standalone Ebitda declined 35% YoY to Rs 1.2 billion, significantly below our and consensus estimates owing to weak cement division performance.
Cement volumes (including clinker) declined 12% YoY, while Ebitda/tonne declined sharply 58% both YoY and QoQ to Rs 385/tonne owing to higher input costs.
However, tile-bath-kitchen division performance was better with revenue rising 17% YoY with Ebitda margin of 12.7% (down 140 basis points YoY and up 180 bps QoQ).
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 at West Bengal by June 2023.
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