Grasim Industries, the flagship company of Aditya Birla Group, on Friday, March 24, said it has acquired 220 acres of land at Gujarat Industrial Development Corporation for Rs 254.70 crore (including GST of Rs 38.85 crore) from Century Textiles and Industries Ltd.
The leased land, located in Vilayat Industrial Estate in the Bharuch district, will be used for setting up manufacturing facilities in due course, the company said.
The company reported an increase of 67.75 percent in its consolidated net profit at Rs 4,454.59 crore in the third quarter that ended December 2022. It had posted a net profit of Rs 2,655.45 crore during the October- December quarter of the previous fiscal.
Grasim's revenue from operations was up 17.35 percent at Rs 28,637.86 crore during the quarter under review against Rs 24,402.24 crore in the corresponding period of the previous fiscal.
Total expenses of Grasim Industries were at Rs 26,501.18 crore, up 8.57 percent in Q3/FY23, against Rs 21,702.61 crore a year ago.
Grasim Industries' revenue from viscose-pulp, viscose staple fibre (VSF) and filament yarn segment was down 4.61 percent to Rs 3,181.50 crore in Q3/FY23 as against Rs 3,335.44 crore a year ago.
This coupled with pressure on pricing and high input costs resulted in negative EBITDA in VSF business for the third quarter.
(Edited by : Shoma Bhattacharjee)
First Published: Mar 24, 2023 9:03 PM IST
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