Prism Johnson reports 274% drop in profit

India’s Prism Johnson has reported consolidated net sales of INR16,663m (US$203.7m) in the September 2022 quarter, up 10.19 per cent from INR15,095m in the same period a year earlier. Over the same timeframe, the company posted a consolidated net loss of INR662m, down 274 per cent from the profit of INR380m in the same quarter in 2021. EBITDA came in at INR392m in the September 2022 quarter, marking a decline of 75.5 per cent YoY from INR1604m. 

The company has also announced that it plans to invest INR252m in a 45 per cent stake in Renew Green (MPR Two), a special purpose vehicle incorporated by ReNew Green Energy Solutions for setting up a captive wind power project supplying 24MW to Prism Johnson’s cement plant in Satna, Madhya Pradesh.