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Grasim Industries Q3 net profit at Rs 787 cr

Press Trust of India  |  New Delhi 

Group firm today reported a consolidated net profit of Rs 786.87 crore for the quarter ended December 2017, mainly on account of higher expenses and loss from subsidiaries.

The company had posted a net profit of Rs 952.33 crore during the October-December period of the previous fiscal, said in a regulatory filing.

Total income during the quarter under review stood at Rs 15,523.75 crore. It was Rs 9,743.51 crore in the corresponding period in the previous fiscal.

The company said figures for the period are not comparable due to merger of Aditya Nuvo Ltd and acquisition of plants by its subsidiary from and Jaypee Corporation last year.

Revenue is not comparable on account of GST implementation from July 1, 2017.

said the reported consolidated profit after tax for the quarter is lower compared to the previous period mainly on account of share of the company in the net loss of Idea Cellular Ltd, an associate firm.

The domestic viscose staple fibre (VSF) market demand remained buoyant with sales volume up by 9 per cent YoY, the company said, adding that the uptrend in domestic caustic soda prices continued in the current quarter, driven by supply related issues in and and robust demand from major consuming segments (alumina and textile).

"reported an increase in consolidated net revenue by 34 per cent YoY to Rs 8,019 crore and EBITDA by 17 per cent to Rs 1,494 crore in the quarter," Grasim Industries said.

On outlook, the company said the VSF will continue to focus on expanding the market in by partnering with the textile value chain.

"The demand for caustic soda in is expected to grow with rising consumption from the alumina and textile sectors," it added.

On cement business, it said government spending on infrastructure, rural and affordable housing will be the key demand drivers.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 14 2018. 15:35 IST