After sliding around 5 per cent on Tuesday, the share price Prism Cement fell nearly 4 per cent on Wednesday after the company reported standalone net loss widened to Rs 33.26 crore for the quarter ended September 30, against a net loss of Rs 19.76 crore in the year-ago period. The company annouced its Q2 result on Tuesday during market hours.
The share price of Prism Cement slid 3.77 per cent to Rs 85.60 on Wednesday.
For the quarter ended September 2015, net sales of Prism Cement jumped by 4.56 per cent to Rs 1,392.71 crore against Rs 1,332.02 crore in the corresponding quarter a year ago.
Prism Cement sold 13.45 lakh tonnes (LT) of cement and clinker in the second quarter this fiscal against 12.92 LT during the same quarter of 2014-15. It also paid Rs 7.33 crore as contribution towards the District Mineral Foundation (DMF) and the National Mineral Exploration Trust (NMET).
On outlook, Prism Cement said the short term scenario remains “challenging”, however government initiatives such as housing, smart cities and the push to infrastructure aided by a stable inflation and rate cut bodes well for the medium and long term economic outlook.
In the past one year, the share price of Prism Cement jumped 17.5 per cent to Rs 88.95 on November 3 while the benchmark index BSE Sensex plunged 4.55 per cent during the same period.
Prism Cement manufactures and markets Portland Pozzollana Cement (PPC) with the brand name ‘Champion’ and the full range of Ordinary Portland Cement (OPC) of 33, 43 and 53 Grades.‘Champion’ Prism’s largest selling product is a general-purpose cement popular for all applications during house construction by individuals. Prism Cement’s OPC is in demand for specialised cement concrete applications like high-rise buildings, bridges, manufacturing AC sheets, pipes, poles etc.
(With inputs from PTI)