Grasim Industries weighed down by UltraTech
Published by Katherine Guenioui,
Editor
World Cement,
Grasim Industries September quarter results reflect the sluggish performance of subsidiary company UltraTech Cement. The parent company, which is part of the Aditya Birla Group, reported a 27% decline in consolidated net profit, which came in at Rs.450 crore. Revenues increased 3.5% from the same period last year, finishing at Rs.6849 crore. UltraTech reported a 52% fall in net profit earlier this month due to weak demand and a lower selling price.
Grasim Industries’ EBITDA fell 27% to Rs.986 crore, while the operating margin fell to 14.5%. The group’s VSF business saw greater success thanks to higher exports, with a 9% increase in sales volumes, while the chemical business also reported a 20% growth in sales volumes.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/asia-pacific-rim/31102013/grasim_results_impacted_by_ultratech_profit_fall_364/
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