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| Grasim consolidated Q3 net up 56% |
| Press Trust of India / Mumbai Jan 22, 2010, 19:14 IST |
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Aditya Birla group company, Grasim Industries, posted a 56 per cent rise in its consolidated net profit at Rs 715 crore for the third quarter ended December 31, 2009, compared with Rs 460 crore in the corresponding previous quarter.
The company's consolidated net revenue grew to Rs 4,844 crore, up 5 per cent during the period from Rs 4,610 crore last year.
Higher volumes and lower input prices were the key growth drivers for the company's good quarterly performance.
On the standalone basis, the net profit for the December quarter stood at Rs 595.88 crore as against Rs 329.56 crore last year, up 80 per cent. The net sales on the standalone front was Rs 3,051.89 crore compared with Rs 2,658.77 crore, up 14.79 per cent.
The company's cement segment, which contributes three-fourths of the entire revenues, is undergoing restructuring. According to the arrangement, Grasim's cement business will be merged with company's wholly-owned subsidiary - UltraTech Cement by July, 2010.
In its outlook for the cement sector, company said that industry demand is likely to grow by over 10 per cent, driven by the robust growth in the economy and government's initiatives to boost rural development, infrastructure and housing.
The company's stocks closed at Rs 2,607.60, down 1.97 per cent on the Bombay Stock Exchange today.
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