Anand Rathi 's research report on Prism Johnson
The lockdown hit the TBK and RMC divisions hard, leading to losses for Prism while its revenue and EBITDA dropped steeply y/y, 49% and 78.5% respectively. The cement division, too, was washed out in April, but cost savings helped to a y/y higher EBITDA/ton. With the TBK and RMC divisions likely to be weak, de-levering and divestment of non-core businesses would help consolidate operations.
Outlook
We retain our Buy rating, with a higher TP of `61 (earlier `46)
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