Grasim Industries Limited, part of the Aditya Birla Group, reported a year-on-year (YoY) increase in its third-quarter net profit by 15.31% to ₹1,163.75 crore. The operational revenue for the quarter also rose by 9.95% reaching ₹30,220.68 crore, compared to the same period last year.
The company's positive performance was primarily attributed to its subsidiaries, UltraTech Cement and Aditya Birla Capital, which drove a 19% YoY rise in EBITDA. This growth comes despite a standalone revenue decline of 4% and a 21% fall in EBITDA due to lower demand in the Viscose Staple Fibre (VSF) business and challenges faced in the caustic soda market, such as oversupply and declining global prices. These challenges were partially offset by volume growth in the VSF business, spurred by festive demand and inventory replenishment, although export demand remained weak.
Comparing quarter-on-quarter figures, Grasim Industries experienced a decrease in net profit from ₹1,576.47 crore in the second quarter (Q2) ending June 30, 2023, to ₹1,163.75 crore in the third quarter (Q3). Total income for Q3 was reported at ₹30,505.27 crore, down from ₹31,360.98 crore in Q2.
Despite the quarter-on-quarter dip, the half-year data ending September 30, 2023, shows an upward trajectory with total income rising from ₹55,947.19 crore in 2022 to ₹61,866.25 crore in 2023. However, net profit for the same period saw a slight decrease from ₹2,942.56 crore to ₹2,740.22 crore (INR100 crore = approx. USD12 million).
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