Prism Johnson (500338) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue declined by 4.8% YoY to ₹6,830 crore, with Cement and RMC segments down and HRJ (tiles and bathware) up 0.3%.

• Consolidated revenue from operations for FY25 was ₹7,310.21 crore, slightly down from ₹7,426.60 crore in FY24.

• EBITDA dropped 12.7% YoY to ₹456 crore, with margin contracting by 60 bps to 6.7% due to lower profitability in Cement; HRJ and RMC margins improved.

• Net profit after tax and non-controlling interest for FY25 was ₹79.93 crore, compared to ₹181.11 crore in FY24.

• Exceptional items, including a gain from the sale of industrial premises and various provisions, had a significant impact on results.

Financial highlights

• Prism Cement revenue declined 8.9% YoY; RMC down 3.8% YoY; HRJ up 0.3% YoY.

• Total income for FY25 was ₹7,438.38 crore, compared to ₹7,461.16 crore in FY24.

• EBITDA and operating margins were pressured, with operating margin at 5.80% for FY25 versus 6.67% in FY24.

• Net profit margin for FY25 was 0.63%, down from 2.21% in FY24.

• EPS for FY25 was ₹1.59, compared to ₹3.60 in FY24.

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, driven by housing and infrastructure; competition expected to intensify in Central India.

• Management highlighted the impact of exceptional items and reclassification of insurance business items, noting that results are not strictly comparable year-over-year.

• The acquisition of Sunbath Sanitary Private Limited is expected to contribute to future growth.