India: Prism results point to mild demonetisation impact

Prism Cement has released its trading statement for the three months to December 2016, revealing that cement sales volumes have only been slightly harmed by the impact of demonetisation.

The firm sold 1.20Mt of cement between September and December, compared with 1.22Mt in the same period the previous year. Revenues for Prism’s cement were even less affected, declining by just 0.8 per cent as the firm successfully reduced costs, particularly for logistics and power.

In a forward-looking statement, Prism said that it expected growth to increase as the government moved forward with investment in infrastructure and made good on pledges to double farming households’ income over the next five years.