Grasim Industries, the flagship of the Aditya Birla Group, announced a 15.31 per cent surge in consolidated net profit to Rs 1,163.75 crore in the second quarter, bolstered by its cement and financial services divisions. The consolidated revenue escalated by 10 per cent to Rs 30,220.68 crore.
Ultratech Cement, the cement subsidiary, saw a 15 per cent rise in consolidated net sales to Rs 16,012 crore. Simultaneously, the financial services subsidiary, Aditya Birla Capital, experienced a 13 per cent increase in consolidated revenue, reaching Rs 7,721 crore.
However, the consolidated Ebitda declined by 19 per cent to Rs 4,509 crore with a margin of 15 per cent. On a standalone basis, the textile segment witnessed a 24 per cent dip in consolidated net profit to Rs 794.74 crore, coupled with a 4.49 per cent decrease in revenue from operations, primarily due to oversupply in the domestic caustic soda market and reduced global prices affecting realisations.
The company highlighted its upcoming ventures, such as the ‘Birla Opus’ paint business scheduled for launch in Q4FY24 and the ‘Birla Pivot Tiles’ private label in the B2B E-commerce segment. Additionally, it mentioned board-approved capex and revised budgeted spending for FY24 at Rs 5,929 crore, reflecting strategic investment plans.