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Grasim Industries' net profit jumps 23% to Rs 2,655 cr in Dec quarter

The company had posted a net profit of Rs 2,157.12 crore during the October- December quarter of the previous financial year, Grasim Industries said in a regulatory filing

Grasim Industries | Q3 results | Aditya Birla Group

Press Trust of India  |  New Delhi 

File Photo
File Photo

firm Ltd on Monday reported a 23.10 per cent jump in its consolidated net profit to Rs 2,655.45 crore for the third quarter ended on December 31, 2021.

The company had posted a net profit of Rs 2,157.12 crore during the October- December quarter of the previous financial year, said in a regulatory filing.

Its revenue from operations during October-December 2021 rose 6.20 per cent to Rs 2,4402.24 crore, against Rs 21,000.13 crore in the year-ago period.

"Grasim continues with the momentum of strong performance," the company said in an earnings statement.

It further added that its "net debt stands at zero with the completion of disinvestment of fertiliser business on January 1, 2022, on a standalone business".

Grasim Industries' total expenses stood at Rs 21,702.61 crore in the December 2021 quarter, a rise of 8.57 per cent as against Rs 18,303.12 crore a year ago.

Its revenue from the viscose-pulp, viscose staple fibre (VSF) and filament yarn segment jumped 55.48 per cent to Rs 3,335.44 crore in Q3/FY2021-22 as against Rs 2,145.14 crore a year ago.

"The strong operational performance of VSF has been induced by strong demand for textile products in India during Q3FY22, despite the curbs imposed by various state governments. The domestic textile value chain has been operating close to its peak capacity, which is led by the demand uptick," said .

The VSF sales volume for Q3FY22 were further boosted by the commissioning of brownfield (existing) expansion (300 TPD) at Vilayat.

The growth in the global demand for textile products in the US and Europe also led to a positive demand environment for VSF.

Revenue from its subsidiary and leading cement maker UltraTech Cement rose 5.89 per cent to Rs 12,984.93 crore in December 2021 quarter, compared with Rs 12,262 crore a year ago.

"The company reported an Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 2,490 crore and sales volume stood at 23.13 MTPA," it said.

Its revenue from the chemicals segment jumped 82.53 per cent to Rs 2,338.21 crore, against Rs 1,280.96 crore of Q2/FY 2020-21.

"International caustic soda prices maintained an upward trajectory in Q3FY22, for the fourth straight quarter. The domestic caustic soda prices mirrored the global trend in caustic prices, strong domestic demand conditions also supported the prices," said Grasim.

Revenue from the financial services segment, Ltd (ABCL), jumped 11.53 per cent to Rs 5,599.93 crore as against Rs 5,020.95 crore a year ago.

"ABCL remains focused on maximising the value of the active customer base of 31 million whilst continuing to drive customer acquisition at scale," said Grasim.

The NBFC and housing finance lending book grew seven per cent to Rs 61,411 crore in the December 2021 quarter.

While revenue from other segments increased 43.32 per cent to Rs 623.78 crore, against Rs 435.21 crore a year ago.

Grasim, which had last year announced to enter into the paint business, said, "The company has received the environmental clearance for two of its plant sites at Panipat and Ludhiana of the five sites as part of its pan-India footprint for paints manufacturing."

Shares of Grasim Industries Ltd on Monday closed at Rs 1,649.05 apiece on the BSE, down 3.92 per cent from the previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, February 14 2022. 17:07 IST