Prism Cement posts disappointing Q2 sales
Prism Cement has had a poor second quarter of fiscal 2017. Standalone loss narrowed to Rs 21.27 crore from Rs 33.26 crore year-on-year (y-o-y). The company was aided by a rise in other income and a decrease in finance cost. Revenue declined 9.5 per cent y-o-y to Rs 1,259.94 crore.
Overall EBITDA (earnings before interest, taxes, depreciation and amortisation) declined 6.4 per cent to Rs 32.3 crore although operating margin saw an improvement because of lower raw material and power and fuel costs.
Cement volumes dipped 12.6 per cent to 1.18 million tonnes (MT) due to heavy monsoon in key markets where the firm sells cement and weak construction activity led by the sand mining ban in Uttar Pradesh. Prism Cement's operations are focused on central India.
The firm has said that it will raise Rs 200 crore via issuance of non-convertible debentures (NCDs) on a private placement basis.