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ICICI Securities Report
Prism Johnson Ltd.'s Q1 FY22 standalone Ebitda grew 3.2 times YoY to Rs 1.5 billion, broadly in line with our and consensus estimates.
Cement volumes declined 30% QoQ owing to Covid-19 resurgence; however realisation grew 5.4% QoQ resulting in Ebitda/tonne increasing 32% QoQ to Rs 1,156/tonne.
Prism Johnson would be expanding its cement capacity by 1.9 million tonne in two phases by September 2023 and tile capacity by 8.5 million square metre by March 2023 providing improved revenue visibility.
Besides, consolidated net debt is likely to reduce from Rs 12.3 billion in March 2021 to ~Rs 8.3 billion by March 2023.
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