Aditya Birla group firm Grasim Industries Ltd on Thursday (February 8) reported an 8.2% year-on-year (YoY) decline in net profit at ₹236.3 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year, Grasim Industries posted a net profit of ₹257.4 crore, the company said in a regulatory filing. The company's revenue from operations increased 3.3% to ₹6,400.3 crore as against ₹6,195.6 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA rose 9.6% to ₹522.6 crore in the third quarter of this fiscal over ₹477 crore in the corresponding period in the previous fiscal. EBITDA margin stood at 8.2% in the reporting quarter as compared to 7.7% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
Viscose Business
Viscose business reported revenue of ₹3,715 crore and EBITDA of ₹402 core for Q3 of FY24 up 17% and 535% year-on-year respectively, though sequentially down by 4% and 14% respectively.
The company's VSF volumes stood at 205 KT up by 34% year-on-year and down 2% quarter-on-quarter. EBITDA margins improved year-on-year on the back of higher sales volume and a reduction in input prices. Viscose Filament Yarn (VFY) business margins declined due to lower sales volume and realisations on account of increasing imports from China.
Chemicals Business
Caustic soda sales volume was up 5% year-on-year and down by 2% from the previous quarter to 299KT in Q3 of FY24. In line with international prices, ECU for the quarter was at ₹31,383/MT, down 2% quarter-on-quarter and 33% year-on-year. Chemicals Business revenue at ₹1,996 crore, was flat on a quarter-on-quarter basis and down 23% year-on-year.
EBITDA for the quarter was up 12% quarter-on-quarter to ₹264 core (down 46% year-on-year) on the back of improved performance of chlorine derivatives business. Speciality Chemicals (epoxy polymers and curing agents) volumes recorded growth of 5% year-on-year, though remained flat on a quarter-on-quarter basis.
UltraTech Cement
Cement sales volume was up by 6% year-on-year and 1% quarter-on-quarter at 27.32 MTPA. Consolidated net sales were at ₹16,740 crore compared to ₹15,521 crore over the corresponding period of the previous year. Profit after tax for the quarter at ₹1,777 crore is up by 68% year-on-year.
Aditya Birla Capital
Consolidated revenue and PAT grew by 27% and 39% year-on-year to ₹8,800 crore and ₹736 crore respectively. The overall lending portfolio (NBFC and HFC) increased to ₹1,15,139 crore as of December 2023, up 34% year-on-year and 6% sequentially.
The total AUM (AMC, life insurance, and health insurance) grew by 13% year-on-year to ₹4,10,444 crore. The company has integrated Udyog Plus with the ABG ecosystem to provide channel financing to their vendor partners.
Capex and Projects
The capex for the quarter stood at ₹1,425 core of which ₹1,088 crore was for the Paints Business. The Company successfully doubled its specialty chemicals (epoxy polymers and curing agents) capacity to 246 KTPA on December 23.
The results came after the close of the market hours. Shares of Grasim Industries Ltd ended at ₹2,068.00, down by ₹39.85, or 1.89% on the BSE.
First Published: Feb 8, 2024 10:14 PM IST
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