Grasim Q3 profit down 41.5% to Rs 2,603.43 cr, revenue up 11.6%

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New Delhi, Feb 8 (PTI) Aditya Birla Group firm Grasim Industries Ltd on Thursday reported a 41.5 per cent decline in consolidated net profit to Rs 2,603.43 crore for the third quarter ended on December 2023.

The company had posted a net profit of Rs 4,454.59 crore during the October-December quarter a year ago, Grasim Industries said in a regulatory filing.

Its revenue from operations was up 11.61 per cent to Rs 31,965.48 crore during the quarter under review. It was at 28,637.86 crore in the corresponding period of the previous fiscal.

The revenue growth was "driven by the performance of key subsidiaries - UltraTech Cement and Aditya Birla Capital," said an earning statement from the company.

Grasim also added its "consolidated PAT was up by 48 per cent YoY on a comparable basis." Grasim Industries' total expenses were at Rs 28,749.44 crore in the December quarter of FY24.

Its total income was at Rs 32,221.97 crore, up 1.93 per cent in the December quarter.

Grasim's revenue in the quarter from viscose-pulp, viscose staple fibre (VSF) and filament yarn segment was at Rs 3,714.58 crore.

Revenue from its subsidiary and leading cement maker UltraTech Cement was at Rs 16,739.97 crore as against Rs 15,521.04 crore of Q3 of FY23.

Its revenue from the chemicals segment was at Rs 1,996.16 crore in comparison with Rs 2,582.42 crore in the December quarter of FY23.

This was due to sharp decline in realisations of Caustic Soda prices in line with global market conditions.

"Speciality Chemicals (epoxy polymers and curing agents) volumes recorded growth of 5% YoY, though remained flat on QoQ basis," it said.

Revenue from the financial services segment -- Aditya Birla Capital Ltd (ABCL) -- was at Rs 8,786.26 crore as against Rs 6,882.32 crore a year ago.

Over the capex, Grasim said for the quarter it stood at Rs 1,425 crore, of which Rs 1,088 crore was for the Paints Business.

Shares of Grasim Industries on Thursday settled at Rs 2,058.65 on BSE, down 2.33 per cent. PTI KRH MR