Grasim Q2 PAT drops 66% to ₹390 crore
The Hindu
Grasim Industries Ltd. reports 66% fall in Q2 net profit, driven by growth in key businesses.
Grasim Industries Ltd. of the Aditya Birla Group for the second quarter reported 66% fall in consolidated net profit at ₹390 crore as compared with ₹1,164 crore in the year ago period.
The company’s consolidated revenue stood at ₹33,563 crore, up 11% Year on Year (YoY); driven by the superior performance of Financial Services, Cellulosic Staple Fibre and Specialty Chemicals businesses.
Consolidated EBITDA declined by 10% at ₹4,042 crore as a result of lower profitability in the Cement business and initial investments in the Paints business under brand ‘Birla Opus’, the company said.
“The results are in line with our plan to build a strong consumer-facing business. Further, higher interest and depreciation charges on account of investments in the Building Materials and Renewables businesses has led to lower Profit After Tax,” the company added.
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