Grasim net soars 112% to Rs 779 crore

BS 200 SCORECARD

Driven by strong growth in sponge iron and viscose staple fibre business, Grasim Industries has announced a Rs 282.1 crore net profit for the fourth quarter ended March 2004.

In the corresponding quarter last fiscal year, it posted a net profit of Rs 0.50 crore. The bottomline in the fourth quarter of 2003 was pulled down by an additional tax burden of Rs 168.9 crore.

The company has recommended a dividend of 140 per cent (Rs 14 per share). D D Wrath, group executive president and CFO, Grasim said: "All major businesses recorded an all-round growth by way of higher production, volumes and realizations."

The turnover in the fourth quarter grew 27.4 per cent to Rs 1,553.2 crore (Rs 1,219.2 crore). For the full financial year, Grasim posted a 112 per cent higher net profit at Rs 779.26 crore, up from Rs 367.58 crore in FY-2003. Net turnover rose 13.2 per cent to Rs 5,233.27 crore (Rs 4,623.34 crore).