Aditya Birla Group firm Grasim Industries on Friday reported a 12.7 per cent rise in consolidated net profit at Rs 2,758.75 crore for the June quarter 2022-23 on account of growth in its core businesses.
Grasim Industries said in a regulatory filing that the company had posted a net profit of Rs 2,447.97 crore in the year-ago period.
Revenue from operations grew 40.77 per cent to Rs 28,041.54 crore during the quarter as against Rs 19,919.40 crore in the same period a year ago.
The total expenditure stood at Rs 24,393.95 crore as against Rs 16,853.28 crore a year ago.
An earnings statement from Grasim Industries said the quarter’s financial results reported “all-round growth across key businesses”, “highest ever EBITDA at consolidated and standalone levels”.
On a standalone basis, Grasim had a revenue from operations of Rs 7,253.04 crore and a net profit of Rs 808.56 crore in Q1FY23.
On a consolidated basis, revenue from viscose-pulp, viscose staple fiber and filament yarn segment grew two-fold to Rs 4,299.88 crore as against Rs 2,102.76 crore in Q1 FY22.
“India-centric demand for garments remained strong during the quarter. VSF business registered sales volume of 197KT in Q1FY23, a growth of 10 per cent in QoQ and 76 per cent YoY, with domestic sales accounting for 94 per cent of total sales volume . . ” Grasim said.
Its subsidiary UltraTech Cement’s revenue rose to Rs 15,163.93 crore in April-June from Rs 11,829.82 crore a year ago.
Revenue from chemicals segment grew 90.27 per cent to Rs 2,733.31 crore as against Rs 1,436.48 crore in Q1FY22.
“Domestic Caustic Soda prices continue to trend upwards, driven by higher global Caustic Soda prices, weak INR and stable demand environment,” the report said.
Global caustic soda prices averaged 769/mt in the first quarter of FY13 from $719/mt in Q4 of FY12, the statement said.
Revenue from financial services segment Aditya Birla Capital Ltd (ABCL) grew 30.15 per cent to Rs 5,579.85 crore as against Rs 4,287.09 crore a year ago.
“ABCL remains focused on maximizing the value of an active customer base of 3.9 million, while continuing to drive massive customer acquisition,” ABCL said.
Revenue from other segments stood at Rs 810.80 crore.
Sharing the development about the paint business in which Grasim is entering, the company said: “The business has acquired land possession at all its six sites. Civil at its four sites- Panipat, Ludhiana, Cheyyar and Chamarajanagar. The construction has started. The project work at other sites will start soon after getting all the statutory clearances.” In May this year, it had doubled the capex for entering the paint business to Rs 10,000 crore.
On total capital expenditure, Grasim said the total budget to be spent during FY23 is Rs 6,720 crore, which includes Rs 3,542 crore for the paint business.
Shares of Grasim Industries ended 1.43 per cent higher at Rs 1,622.70 on the BSE. PTI KRH KRH Anu Anu
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