India's Prism Johnson posts bigger-than-expected Q2 loss on tepid cement demand

Prism Johnson had reported a net profit of 1.83 billion rupees a year ago. The reported loss is also bigger than the analysts' estimates of a 122.8 million rupee loss, as per data compiled by LSEG. Average cement prices slumped to a 51-month low around July-end and the first half of August, and only rose marginally in the later part of the quarter, Elara Capital said in a note.