Grasim revenue up 9% at Rs 33,861 cr; net profit falls 23.4% to Rs 1,208 cr
Grasim’s paints firm, Birla Opus, increased its market presence to over 3,300 cities and towns.
Grasim Industries, the BSE-listed holding company of the Aditya Birla Group, reported consolidated revenue of Rs 33,861 crore in the June quarter, up by 9 per cent on a year-on-year (Y-o-Y) basis, driven mainly by strong performance from its diversified business portfolio.
However, net profit declined by 23.4 per cent to Rs 1,208 crore on a Y-o-Y basis, according to a statement to the stock exchanges.
The consolidated Ebitda decreased by 4 per cent to Rs 4,760 crore during the same period. This decline was attributed to investments in the paints business, reflecting Grasim’s commitment to building strong consumer-facing businesses from scratch. The results are in line with expectations, the company stated. In the cement business, its subsidiary Ultratech added new capacity of 8.7 million tonnes per annum (TPA), taking the total grey cement capacity to 154.9 million TPA.
Grasim’s paints firm, Birla Opus, increased its market presence to over 3,300 cities and towns, receiving a positive response from trade channels and consumers. The total lending portfolio of BSE-listed Aditya Birla Capital crossed Rs 1,25,000 crore, up 27 per cent on a Y-o-Y basis.
The cellulosic staple fibre business reported its highest-ever quarterly sales volumes at 212 KT, with specialty fibre accounting for 22 per cent of the total.
The revenue contribution from speciality chemicals improved to 30 per cent, the company added.
During the quarter ended March 2024, the company recognised a charge of Rs 715.60 crore as an exceptional item, representing impairment against the carrying value of its investment in AV Terrace Bay Inc., Canada, a joint venture of the company, and a provision towards its estimated exposure and advance against equity in the Canadian company.
In the quarter and year ended March 31, 2024, the company issued 2,20,70,910 equity shares of face value Rs 2 each at a price of Rs 1,812 per share to eligible shareholders on a rights basis, as approved by the board of directors.
First Published: Aug 09 2024 | 2:40 PM IST