2 weeks Ago
Grasim Industries reported a 59 per cent fall in its consolidated net profit at ₹473 crore in the second quarter , compared with ₹1,164 crore in the last year quarter. The profits declined due to lower profitability in the cement business and initial investments in the paints business under the brand ‘Birla Opus’ . Higher interest and depreciation charges for investments in the building materials and renewables businesses have also dragged down profits.
Consolidated revenue stood at ₹33,563 crore, up by 11 per cent YoY, driven by the superior performance of financial services, cellulosic staple fibre and specialty chemicals businesses. The Cellulosic Staple Fibre (CSF) business achieved its highest-ever quarterly sales volume, 219 KT, up 4 per cent year over year, led by stable domestic demand. EBITDA for the chemicals segment stood at ₹273 crore up 16 per cent YoY, driven by higher profitability in chlorine derivatives and specialty chemicals.
In the paints business (Birla Opus), production is steadily ramping at its three plants—Ludhiana, Panipat, and Cheyyar—which were commissioned in Q1 of this financial year. Trial production has started at the Chamarajanagar and Mahad plants. The total capex for the business is ₹8,470 crore till September 2024.
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