Grasim Q1 Results: Consolidated PAT drops 18% YoY to Rs 1,576 crore on jump in expenses

economictimes.indiatimes.com:

Grasim Industries on Thursday reported an 18% year-on-year (YoY) decline in its consolidated June 2023 quarter net profit at Rs 1,576 crore. The profit stood at Rs Rs 1,933 crore in the same period last year.

The consolidated revenue for the said quarter came in at Rs 31,065.19 crore, up 10.7% YoY from Rs 28,041.54 crore reported by the company in Q1FY23. The decline in net profit could be attributed to an over 14% YoY jump in its total expenses for the reporting quarter at Rs 27,923.38 crore.

Sequentially the Aditya Birla Group company reported a 15% uptick in profit after tax (PAT) though the revenue was down over 7%, the company said in a filing to the exchanges. On a standalone basis, PAT for Q1FY24 stood at Rs 355 crore, down 56% YoY from Rs 809 crore in the year-ago period.

Standalone Q1 revenue has declined by 14% YoY to Rs 6,238 crore from Rs 7,253 crore a year ago. The Q1 earnings were announced during market hours and the stock was trading down 0.63% on the NSE around 2:45 pm.