New Delhi: Aditya Birla Group firm Grasim Industries on Friday reported 12.7 per cent 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 per cent at ₹ 28,041.54 crore during the quarter as against ₹ 19,919.40 crore in the same period a year ago.
Total expenses were at ₹ 24,393.95 crore as against ₹ 16,853.28 crore a year ago.
On a consolidated basis, revenue from viscose-pulp, viscose staple fibre and filament yarn segment was up two folds at ₹ 4,299.88 crore as 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 per cent QoQ and 76 per cent YoY, with domestic sales accounting for 94 per cent 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 per cent at ₹ 2,733.31 crore as 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 USD 769/million tonne in Q1FY23 against USD 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 per cent to ₹ 5,579.85 crore as against ₹ 4,287.09 crore a year ago.
“ABCL remains focused on maximising the value of the active customer base of 39 million whilst continuing to drive customer acquisition at scale,” it said.
Revenue from other segments was at ₹ 810.80 crore.
Sharing development about the paint business, in which Grasim is entering, the company said :”The business has obtained land possession at all its six sites. The civil construction has commenced at four of its sites- Panipat, Ludhiana, Cheyyar and Chamarajanagar. The project work at other sites will start soon after all the statutory approvals are received.” In May this year, it had doubled the capex for its foray into the paints business to ₹ 10,000 crore.
Over the total capex, Grasim said the total budget to be spent during FY23 stands at ₹ 6,720 crore, including ₹ 3,542 crore for the paints business.
Shares of Grasim Industries settled at ₹ 1,622.70 apiece, up 1.43 pert cent on BSE. PTI KRH KRH ANU ANU
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