Prism Johnson's Q3 rebound: Profitable quarter driven by govt-led boost

06 Feb 2024 CW Team

Prism Johnson, the building materials manufacturer in India, reported a profitable third quarter on Thursday, marking a significant turnaround from the previous year's loss. The company's positive performance was attributed to increased government support for construction projects in anticipation of upcoming general elections.

For the quarter ending on December 31, Prism Johnson recorded a net profit after tax of 17.8 million rupees ($214,537.96), in stark contrast to the 447.4 million rupees loss in the same period the previous year. This marked the company's fourth consecutive quarterly profit.

The firm's net sales witnessed a 3% rise, reaching 16.50 billion rupees, with the cement segment contributing substantially to overall sales. The cement division saw a 6.8% increase in revenue, driven by higher sales volumes of cement and clinker. However, raw material costs experienced a 5% uptick.

The surge in construction activity over the past few quarters can be attributed to the Indian government's heightened spending in the housing and infrastructure sectors, strategically timed ahead of the general elections scheduled for May. In a similar trend, other cement manufacturers like UltraTech Cement and ACC reported quarterly profits exceeding analysts' expectations, benefiting from price hikes and sustained demand in housing and infrastructure.

Following the positive results on Thursday, Prism Johnson's shares initially rose by 1.5% to reach a session high of 183.40 rupees. However, the stock later reversed its trajectory, ending the session down by 2.9%. Notably, Prism Johnson's shares had surged over 40% in the October-December period, marking their fourth consecutive quarterly gain.

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