Grasim Industries’ profit up 13% in first quarter
Aditya Birla Group firm Grasim Industries on Friday reported 12.7% rise in consolidated net profit at ₹2,758.75 crore for June quarter 2022-23, led by growth across its key businesses.
The company had posted a net profit of ₹2,447.97 crore in the year-ago period, Grasim Industries said in a regulatory filing.
Revenue from operations was up 40.77% at ₹28,041.54 crore during the quarter as against ₹19,919.40 crore in the same period a year ago. Total expenses were ₹24,393.95 crore against ₹16,853.28 crore a year ago.
Financial results for the quarter recorded “all-round growth across key businesses” with “highest ever EBITDA at consolidated and standalone level”, said an earnings statement from Grasim Industries.
On a standalone basis, Grasim’s revenue from operations was ₹7,253.04 crore with a net profit of ₹808.56 crore in Q1FY23.
On a consolidated basis, revenue from the viscose-pulp, viscose staple fibre, and filament yarn segment was up two folds at ₹ 4,299.88 crore against ₹2,102.76 crore in Q1FY22. “The India-centric demand for textiles remained strong during the quarter. The VSF business reported a sales volume of 197KT in Q1FY23, up 10% quarter-on-quarter and 76% year-onyear, with domestic sales accounting for 94% of the total sales volume,” said Grasim.
Revenue from its subsidiary UltraTech Cement was up at ₹15,163.93 crore in April-June as against ₹11,829.82 crore a year ago.
Revenue from the chemicals segment was up 90.27% at ₹ 2,733.31 crore against ₹1,436.48 crore in Q1FY22.
“The domestic caustic soda prices continued trending upwards, driven by higher global caustic soda prices, weak INR, and a stable demand environment,” it said.
The global caustic soda prices averaged higher at $769/million tonne in Q1FY23 against $719/MT in Q4FY22, driven by factors like supply chain disruption and higher energy prices, the statement said.
Revenue from the financial services segment Aditya Birla Capital Ltd ( ABCL) was up 30.15% to ₹5,579.85 crore as against ₹4,287.09 crore a year ago.