Grasim Q2 net up 15% at ₹1,163 crore | Mint
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Business News/ Companies / Company Results/  Grasim Q2 net up 15% at 1,163 crore
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Grasim Q2 net up 15% at ₹1,163 crore

Ultratech Cement reports consolidated net sales of ₹16,012 crore, up 15%, while Aditya Birla Capital reports consolidated revenue of ₹7,721 crore, up 13%.

Earnings before interest, taxes, depreciation, and amortization (Ebitda) on a consolidated basis slumped 19% to ₹4,509 crore with a margin of 15%, the company said in an exchange filing.Premium
Earnings before interest, taxes, depreciation, and amortization (Ebitda) on a consolidated basis slumped 19% to 4,509 crore with a margin of 15%, the company said in an exchange filing.

New Delhi: Aditya Birla group flagship Grasim Industries Ltd on Monday said consolidated net profit for the second quarter rose 15.31% from a year ago to 1,163.75 crore, aided by its cement and financial services businesses.

Consolidated revenue from operations rose 10% to 30,220.68 crore.

Cement subsidiary Ultratech Cement Ltd reported consolidated net sales of 16,012 crore, up 15%, while financial services subsidiary Aditya Birla Capital reported consolidated revenue of 7,721 crore, up 13%.

Consolidated total income for the quarter in consideration stood at 30,505.27 crore.

Earnings before interest, taxes, depreciation, and amortization (Ebitda) on a consolidated basis slumped 19% to 4,509 crore with a margin of 15%, the company said in an exchange filing.

On a standalone basis, the textile manufacturer reported a 24% decline in consolidated net profit to 794.74 crore, from 1052 crore a year earlier. Standalone revenue from operations fell 4.49% to 6,442.02 crore from 6,745.24 crore a year earlier as the oversupply in the domestic market of caustic soda and lower realizations in line with a sharp decline in global prices impacted the overall standalone performance.

The earnings beat a Bloomberg poll estimate of 725.7 crore net profit and 6,190.7 crore revenue in the quarter under consideration. Standalone total income for the quarter in consideration stood at 7,202.34 crore.

On a segmental basis, the company reported flat revenue of 3,888.88 crore in its viscose vertical as the festive demand and inventory replenishment in the domestic value chain resulted in volume growth of 24%. The company added that the export demand for the value chain remained weak from major overseas markets. The chemical vertical reported a revenue of 1,988.40 crore, a 26% YoY fall, as the ECU realizations were down by 35% YoY in line with the global prices, while caustic soda sales volume increased by 3% YoY to 306KT.

Textiles business has reported revenue of 560 crore with the elevated input prices impacting the performance in the Linen segment. Concerning the paint business of the company ‘Birla Opus’, scheduled to be launched by Q4FY24, the company said that it received consent to operate the Panipat, Ludhiana, and Cheyyar plants. The B2B E-commerce vertical launched a private label called “Birla Pivot Tiles" in the tiles segment. The e-commerce vertical the company said also crossed the milestone of 100 crore quarterly revenue as well.

“The total capex (capital expenditure) outlay for Q2FY24 stood at 1,650 crore, of which 1,269 crore was for Paints Business. The board has approved capex of 144 crore for different businesses and has approved the rephasing of spending of earlier approved capex entailing additional spending of 138 crore in the current financial year. The budgeted spend for FY24 stands revised at 5,929 crore," it said in an exchange filing.

On Monday, Grasim Industries share price ended 1.03% lower at 1,926.25 apiece on the Bombay Stock Exchange.

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Published: 13 Nov 2023, 10:48 PM IST
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