Prism Johnson - Strong TBK Show In Q3; Higher Cement Volume Visibility: ICICI Securities
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ICICI Securities Report
Prism Johnson Ltd.’s Q3 FY21 standalone Ebitda grew 60% YoY to Rs 1.8 billion, broadly in line with our estimates.
Besides, consolidated tile-bathroom-kitchen revenue grew strong 16% YoY led by 23% YoY volume growth.
TBK posted highest-ever quarterly Ebitda of Rs 765 million (more than 3.3 times YoY) with margins improving 910 basis points YoY to 14.1% owing to better product mix and operating leverage led by higher volumes.
The company announced de-bottlenecking of 0.9 million tonne cement capacity at a capex of Rs 1.4 billion by December 2021 which would drive volumes, and recent commissioning of waste heat recovery system would improve profitability by Rs 100/tonne.
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