Prism Johnson Ltd reports earnings for FY2020

Prism Johnson Ltd has announced the financial results for the period ended March 31, 2020.

Year ended March 2020 - Standalone & Consolidated financials

- Standalone EBITDA has declined by ~6% to Rs. 5217 mn due to lockdown from Rs. 5547 mn in FY2019
- EBIT is down by ~16% yoy to Rs. 3478 mn due to higher depreciation as against Rs. 4154 mn
- PBT was at Rs. 1,316mn, 42.8% lower as compared to FY19 (Rs. 2301 mn) due to above reasons.
- PAT declined by ~61% to Rs. 565 mn as compared to Rs. 1460 mn in FY19 as the Company has reversed deferred tax assets. The company has intended to opt for lower tax regime.

- Consolidated EBITDA has reduced by ~10% to Rs. 5392 mn as against Rs. 6010 mn in FY19.
- EBIT is at Rs. 3168 mn, down by ~26% yoy due to higher depreciation
- PBT and PAT were at Rs. 621mn and Rs. 17mn

Key Highlights for year ended March 2020

- Cement volumes de-grew by 3% on account of lockdown in March. Else Cement volumes would have grown as they were up marginally by 1% for the first 11 months.

- Overall cement & clinker volumes declined 9%, as clinker volumes were down sharply.

- Premium products volume contribution improved by ~400bps to 22% of overall Cement volumes

- Cement EBITDA per ton was at Rs. 889, swing of Rs. 55 per ton over FY19, on account of higher realizations, partly offset by higher overall costs.

- Consolidated HRJ Division's revenue were nearly flat at ~ Rs. 18226mn. Bathroom segment revenues grew by ~9%. Tiles volume were down ~5%. Working capital continues to remain under control.

- During FY20, the turnaround in HRJ operating performance was visible as 9MFY20 Consolidated EBITDA grew by ~9% and EBITDA margins were at ~4.6%.

- Consolidated EBITDA for the year stood at Rs. 695mn, as the fourth quarter performance was impacted by lockdown. EBITDA margins for Q4FY20 were at ~1.2%.

- RMC (India) revenues de-grew by ~5%. Volume declined by 14%. EBITDA was at ~ Rs. 229mn, declining by ~41% due to prolonged monsoon, NGT ban on construction and volatile input costs.

- After four years of reduction, standalone debt (net) has increased by ~ Rs. 900 mn to Rs. 14,750 mn mainly due to capex in WHRS and significant blockage of working capital due to sudden lockdown

- Consolidated debt (net) was at ~ Rs. 18,270mn, marginal increase of ~ Rs. 100mn.

The Company has not opted for moratorium with any banks / FIs for principal or interest payments. The Company did not opt for moratorium on TDS and made all payments in time.

Shares of Prism Johnson Ltd was last trading in BSE at Rs.34.15 as compared to the previous close of Rs. 34.35. The total number of shares traded during the day was 31880 in over 319 trades.

The stock hit an intraday high of Rs. 35.15 and intraday low of 33.9. The net turnover during the day was Rs. 1102408.

Source : Equity Bulls

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