Prism Johnson (PJL) reported strong set of numbers for Q3FY19, ahead of estimates on profitability fronts. Revenue for the quarter grew by 10.3% yoy to Rs1,439.8cr, broadly in-line with estimates. Gross margin expanded significantly by 515bps yoy. Thus, EBITDA jumped by 20% yoy to Rs109cr (~27% above than estimate). The benefit of gross margin expansion was largely offset by increase in power and freight costs. Thus, EBITDA margin expanded marginally by 61bps yoy to 7.6%. Company reported PAT of Rs19cr in Q3FY19, up 28.1% yoy and ahead of estimate of Rs16cr.
Cement division reported healthy revenue growth of 15.2% yoy with a 27.1% yoy growth in EBIT; EBIT margin stood at 11.7%, up 109bps yoy.
The tiles division reported 9% yoy growth with sharp rise in the EBIT; EBIT jumped 86.6% yoy. However, EBIT margin contracted by 82bps yoy.
The RMC Readymix (India) (RMC) division reported revenue growth of 7.2% yoy with sharp fall in EBIT. Segment’s EBIT stood at Rs0.5cr against EBIT of Rs4.8cr in Q3FY18).
Interest cost during the quarter declined by 10.4% to Rs43.7cr.
Prism Johnson Ltd is currently trading at Rs. 71.55, up by 5 points or 7.51% from its previous closing of Rs. 66.55 on the BSE.
The scrip opened at Rs. 67.50 and has touched a high and low of Rs. 74.50 and Rs. 65.10 respectively. So far 11,85,365 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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