India's Prism Johnson posts Q4 loss hurt by lower pricing in cement business

Prism Johnson

16/05/2024 10:22

May 16 (Reuters) - Indian construction materials maker
Prism Johnson  PRIS.NS  on Thursday posted a loss in the fourth
quarter hurt by lower prices in its cement segment.
    Consolidated net loss after tax stood at 305 million rupees
($3.7 million) for the quarter ended March 31, compared with a
profit of 42.5 million rupees in the year-ago period. 
    Net sales fell marginally to 20.46 billion rupees from 20.56
billion rupees a year ago. Revenue from Prism Johnson's largest
segment, cement, declined 3.3%.
   Cement makers usually resort to price cuts in the
March-quarter to boost sales volumes, in order to clear year-end
inventory backlogs.  
    While the cost of materials consumed fell 2.6%, this could
not offset the impact of price cuts taken by the company, with
the company stating that price realisation in the cement
business declined 6.9% year-on year.  
    Shares of Prism Johnson fell 3.2% after posting results,
extending its year-to-date losses to 19.8%
    
($1 = 83.4842 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((anisha.ajith@thomsonreuters.com;))