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/
