Grasim Industries share price jumps 6% after robust Q3 earnings
Grasim Industries share price rose as much as 5.92 percent on Friday's trading session. Grasim stock surged to ₹2,179 per share on February 9, against previous close at ₹2,057 crore on NSE.
The stock surge was propelled by robust third quarter earnings posted by the company on Thursday, February 8. Profit growth on a comparable basis was propelled by robust demand for the building material, spurred by significant infrastructure investments.
Also read: Jefferies sees 15% upside for Bharti Airtel stock; lists three key takeaways for Bharti Hexacom IPO The company reported its consolidated net profit for the quarter ending December 31, 2023, standing at ₹1514 crore. This represents a substantial growth of 48 percent compared to the net profit of ₹1,024 crore reported in the same period last year.
The company clarified that the net profit figure was adjusted to account for the fair value gain realized by Aditya Birla Capital Limited subsequent to the acquisition of a 9.99 percent stake by ADIA entities in Aditya Birla Health Insurance. The company's disclosed net profit experienced a notable decline of 40 percent, amounting to ₹2,515.78 crore, primarily attributed to weaknesses observed in the chemicals segment.
Also read: Olectra Greentech stock gains 9% to hit new record high, up 70% in 3 months – here's why Grasim Industries, in an official exchange notification, reported consolidated revenue of ₹31,965 crore, marking an increase of 11.6 percent compared to ₹28,638 crore recorded in the corresponding quarter of the previous fiscal year. On a standalone basis, the company's revenue reached ₹6,400 crore, showing a modest uptick of 3.2 percent year-on-year, while EBITDA stood at ₹643 crore, demonstrating a healthy growth of
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