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Business News/ Companies / Company Results/  Grasim Industries Q1 Results: Net profit slumps 56% on year to 355.27 crore
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Grasim Industries Q1 Results: Net profit slumps 56% on year to ₹355.27 crore

Grasim Industries Q1 Results: Net profit slumps 56% on year to ₹355.27 crore

Grasim Industries shares were trading nearly 1% down at ₹1,830.55 apiece on BSE.Premium
Grasim Industries shares were trading nearly 1% down at 1,830.55 apiece on BSE.

Grasim Industries Ltd on Thursday reported an 56.1% year-on-year fall in its standalone net profit for the fiscal's first quarter ended June (Q1FY24) to 355.27 crore. The company had reported a profit of 808.56 crore in the year-ago period. Sequentially, net profit was up 280% from 93.51 crore in Q4FY23. Grasim Industries shares were trading nearly 1% down at 1,830.55 apiece on BSE.

The company's standalone revenue from operations fell 14% on year to 6,237.55 crores during the quarter ended June from 7,253.04 crore in Q1FY23. Total income dropped to 6,353.41 crore in the first quarter. It stood at 7,296.74 crore in the year-ago period.

On the consolidated basis, the company's revenue rose 11% YoY to 31,065 crore driven by the strong performance of key subsidiaries: UltraTech Cement, Aditya Birla Capital, and Aditya Birla Renewables. However, softening of realisations in standalone Businesses and UltraTech Cement impacted profitability, said the company in an exchange filing. 

The company in its exchange filing stated that earnings before interest, taxes, depreciation, and amortisation (EBITDA) on the standalone basis slumped 42% year-on-year and came in at 789 crore.

The company reported in its exchange filing stated that it spent a total of 1,384 crore on capital expenditures during the first quarter of FY24, of which 1,046 crore went towards the Paints Business. At 5,791 crore, the projected capital for FY24 includes 4,342 crore for paints and B2B e-commerce.

On Thursday, Grasim Industries share price ended 0.7% lower at 1,832.25 apiece on BSE.

“Grasim stock price faced stiff resistance around 1840 levels, that is a multi month resistance, today there's no major traction post result however for the next leg or run prices need to surpass 1840 with autority that can trigger rally towards 1900 in near term. 1790 - 1800 is immediate support," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.

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Published: 10 Aug 2023, 03:07 PM IST
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