India's Prism Johnson posts Q2 profit on one-time gain

Prism Johnson

03/11/2023 08:40

BENGALURU, Nov 3 (Reuters) - Indian building materials
maker Prism Johnson  PRIS.NS  reported a second-quarter profit
on Friday, compared to a loss a year ago, helped by a one-time
gain from the sale of some assets.
    Consolidated profit after tax was at 1.83 billion rupees
($21.98 million) in the quarter ended Sept. 30. The cement and
tiles maker had reported a loss of 826.2 million rupees in the
same quarter a year earlier.
    The firm recognised a one-time gain of 3.9 billion rupees
from the sale of a mining lease and land in the state of Andhra
Pradesh to Chennai-based Ramco Cements  TRCE.NS .
    The firm reported a narrower loss of 380.8 million rupees
before the exceptional item and taxes from a loss of 952 million
rupees a year ago, on strong cement sales.
    Total expenses rose 6.7% to 18.84 billion rupees. 
    Last month, cement maker UltraTech Cement  ULTC.NS  topped
second-quarter revenue estimates on strong domestic demand,
while ACC  ACC.NS  posted a bigger-than-expected profit.
    Prism Johnson's net sales rose nearly 6% to 17.30 billion
rupees. Its revenue from the cement segment, which accounts for
more than half of overall sales, climbed more than 16%.
    Shares of the company rose as much as 4.9% to 146.8 rupees 
after the results were announced. They rose 1.3% during the
July-September period.
    
($1 = 83.2600 Indian rupees)

 (Reporting by Rama Venkat and Ashna Teresa Britto in Bengaluru;
Editing by Sonia Cheema and Janane Venkatraman)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;
 +91 8095218099;))