Prism Johnson (500338) Q3 24/25 earnings summary

Executive summary

• Consolidated revenue for Q3 FY25 was ₹1,858.54 crore, up from ₹1,728.33 crore in Q3 FY24, but down sequentially from ₹1,685.38 crore in Q2 FY25, with HRJ (tiles and bathware) growing 4.8% YoY.

• EBITDA dropped 68.8% YoY to ₹46 Crores, with margins contracting to 2.8% due to sharp decline in cement realizations and maintenance shutdown costs.

• Net profit after tax and non-controlling interest for Q3 FY25 was ₹48.12 crore, reversing a loss in the previous quarter, aided by favorable tax credits and interest income.

• Exceptional items included a gain of ₹1.47 crore in Q3 FY25, compared to a loss of ₹248.06 crore in Q3 FY24.

Financial highlights

• Total income for Q3 FY25 was ₹1,946.00 crore, up from ₹1,730.57 crore in Q3 FY24.

• EBITDA margin for Q3 FY25 was 2.89%, down from 7.79% in Q3 FY24.

• Net profit margin for Q3 FY25 was 2.6%, compared to -0.67% in Q3 FY24.

• Prism Cement revenue fell 2.4% YoY to ₹730 Crores; EBITDA per ton dropped from ₹787 to ₹11 due to 9.8% drop in realizations.

• HRJ revenue rose 4.8% YoY to ₹584 Crores, with EBITDA margin improving by 60 bps to 5.1%.

Outlook and guidance

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

• Cement demand outlook remains strong, but competition is expected to intensify with new capacity additions in Central India.

• Favorable ITAT orders resulted in a tax credit of ₹70.89 crore and interest income of ₹82.33 crore, positively impacting Q3 FY25 results.