Prism Johnson (500338) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 consolidated revenue (ex-RQBE) declined 8.7% year-over-year to ₹1,666 crore, while consolidated revenue from operations was ₹1,763.15 crore, down from ₹1,942.15 crore in Q1 FY24.

• EBITDA grew 5.3% year-over-year to ₹155 crore, with margin expanding by 130 bps to 9.3%.

• Net loss after tax and non-controlling interest stood at ₹7.70 crore for Q1 FY25, compared to a profit of ₹17.89 crore in Q1 FY24.

• Free cash flow (pre-capex and investments) was ₹76 crore in Q1 FY25.

Financial highlights

• Prism Cement revenue declined 15.1% YoY to ₹773 crore; HRJ revenue down 1.7% YoY to ₹539 crore; Prism RMC revenue down 3.5% YoY to ₹353 crore.

• EBITDA margin improved to 9.3% from 8.0% YoY, while consolidated EBITDA margin (Operating Margin) for Q1 FY25 was 7.57%.

• Net debt to TTM EBITDA at 1.6x; net debt/equity at 0.5x as of June 30, 2024.

• Annualized ROCE declined 30 bps YoY to 10.7%; capital employed decreased 12.5% YoY to ₹2,206 crore.

• EPS for Q1 FY25 was ₹-0.15, compared to ₹0.36 in Q1 FY24.

Outlook and guidance

• Management targets to achieve past peak performance in the medium term, focusing on cost competitiveness, premium product mix, and capacity utilization.

• Strong medium-term demand outlook for cement and RMC, driven by housing and infrastructure sectors.

• No explicit forward-looking guidance provided, but management commentary and segment results indicate continued focus on cost control and operational efficiency.