Grasim Industries reports Q2 consolidated loss of Rs1,299.86 crore
Grasim Industries reported a consolidated net loss of Rs1,299.86 crore for the quarter ended September 2018 on account of an exception item related to the merger of Vodafone with Idea Cellular
New Delhi: Aditya Birla Group firm Grasim Industries on Wednesday reported a consolidated net loss of Rs1,299.86 crore for the quarter ended September 2018 on account of an exception item related to the merger of Vodafone with Idea Cellular.
It had posted a net profit of Rs799.03 crore during the July-September period of last fiscal, Grasim Industries said in a BSE filing.
Its revenue from operations was up 23.76% to Rs16,795 crore during the period under review as against Rs13,570.45 crore of the corresponding quarter last fiscal.
With merger of Vodafone India with Idea Cellular into Vodafone Idea Ltd, Idea’s share in profit of VIL has not been consolidated with effect from August 31 2018, the company said.
“The exceptional item of Rs2,003 crore represents the difference between book value and fair value of Vodafone Idea Ltd as on 30 August 2018. This has been charged to the Profit and Loss Account, consequent to Vodafone Idea Ltd ceasing to be an Associate,” the company said.
Its total expenses were at Rs15,460.72 crore.
Grasim Industries revenue from cement business during the quarter was Rs8,151.46 crore. It was Rs6,791.18 crore in the corresponding quarter a year ago While viscose staple fibre (VSF) was at Rs2,605.82 crore as against Rs2,119.94 crore.
Chemicals - Caustic Soda and Allied Chemicals segment and Financial Services stood at Rs1,612.38 crore and Rs3,515.11 crore respectively.
Shares of Grasim Industries on Wednesday settled at Rs876.95 on BSE, down 0.04% from previous close.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed)
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