Grasim Q1 Results: Co slips into red, reports Rs 52 cr loss versus Rs 355 cr yr-ago profit
Grasim slipped into the red in the first quarter ended June 2024 as the company reported a loss of Rs 52.12 crore on Friday. The company posted a net profit of Rs 355 crore in the last year period.
On a sequential basis, however, the loss reduced from Rs 441 crore reported in the preceding December quarter.
Revenue from operations in the reporting period increased 11% year-on-year (YoY) to Rs 6,894 crore as against Rs 6,237 crore in the year-ago period.
The revenue growth was driven by a strong performance from its diversified businesses portfolio. Cellulosic staple fibre, building materials, and financial services businesses delivered superior performance.
The company reported an EBITDA of Rs 325 crore in the June quarter while margins were at 4.7%.
Segment-wise, the Cellulosic Fibres business experienced its fourth consecutive quarter of YoY growth due to an improving domestic demand scenario and global price trends.
It achieved the highest ever quarterly sales volume at 212 KT, up 14% YoY and recorded marginal volume growth of 2% YoY, due to subdued demand conditions in the downstream value chain and lower priced export into India by from Chinese producers.
Segment revenue for the quarter was at Rs 3,787 crore, up 6% YoY, while EBITDA grew by 4% YoY to Rs 405 crore, helped mainly by operating leverage and lower input costs.
The chemicals business saw a revenue decline of 4% YoY to Rs 2,066 crore. Speciality Chemicals (epoxy polymers and curing agents) revenue mix improved to 30% for the quarter from 25%
