Grasim reports flat sales, profit growth in Q4

Grasim's fourth quarter (January-March) consolidated net profit rose one percent year-on-year to Rs 817.6 crore, including Rs 454 crore from UltraTech Cement (wherein Grasim holds 60.3 percent stake as of March 2013), Rs 4 crore from Grasim Bhiwani Textiles and Rs 16 crore from Idea (Grasim holds 5.16 percent stake).
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May 06, 2013, 12.18 PM | Source: Moneycontrol.com

Grasim reports flat sales, profit growth in Q4

Grasim's fourth quarter (January-March) consolidated net profit rose one percent year-on-year to Rs 817.6 crore, including Rs 454 crore from UltraTech Cement (wherein Grasim holds 60.3 percent stake as of March 2013), Rs 4 crore from Grasim Bhiwani Textiles and Rs 16 crore from Idea (Grasim holds 5.16 percent stake).

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Grasim reports flat sales, profit growth in Q4

Grasim's fourth quarter (January-March) consolidated net profit rose one percent year-on-year to Rs 817.6 crore, including Rs 454 crore from UltraTech Cement (wherein Grasim holds 60.3 percent stake as of March 2013), Rs 4 crore from Grasim Bhiwani Textiles and Rs 16 crore from Idea (Grasim holds 5.16 percent stake).

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Grasim 's fourth quarter (January-March) consolidated net profit rose one percent year-on-year to Rs 817.6 crore, including Rs 454 crore from UltraTech Cement (wherein Grasim holds 60.3 percent stake as of March 2013), Rs 4 crore from Grasim Bhiwani Textiles and Rs 16 crore from Idea (Grasim holds 5.16 percent stake).

Consolidated net sales increased 4.8 percent to Rs 7,552.5 crore from Rs 7,206.7 crore Y-o-Y.

Its pulp and fibre segment reported a loss of Rs 33 crore this quarter.

The profitability of viscose staple fibre (VSF) business was impacted by decline in realisations.

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In case of cement business, profits were impacted primarly by lower volumes and higher logistics cost.

Grasim says demand growth slowdown and surplus capacities may continue to pose challenges in short term.

However, other income dropped significantly to Rs 207.45 crore from Rs 296.73 crore during the same period.

Exceptional items
*During the quarter, the company received Rs 204 crore by exiting from its unrelated business by disinvestments of shares in Alexandria Carbon Black and Thai Carbon Black.
*Canada's Terrace Bay Pulp, which acquired in July 2012 for USD 300 million, reported a loss of Rs 27 crore on revenue of Rs 103 crore in March quarter.

"Terrace Bay, which has 2,85,000 tonnes of paper grade pulp capacity, will improve its performance from next financial year," the company said in its release.

Grasim on Saturday said it commissioned its 1,82,500 tonnes per annum (TPA) caustic soda plant at Vilayat, Gujarat.

The company recommended a dividend of Rs 22.50 per equity share for the year ended March 31, 2013.

In the three months period ended March 31, VSF and cement producer planned brownfield expansion of 2.9 million TPA at Aditya Cement, Rajasthan with a capital outlay of Rs 2,000 crore, which is expected to be commissioned by end of FY15.

On May 2, Grasim Industries completed its brownfield expansion of VSF capacity. "...with the commissioning of 20 MW Power plant at company's VSF plant at Harihar (Karnataka), the brownfield expansion of 36,500 TPA of VSF capacity at Harihar (Karnataka) has since been completed by the company," according to a release sent to exchanges.

The phase I of 18,250 TPA capacity of VSF had become operational in September, 2012.

The stock slipped 0.25 percent to Rs 2,950.05 on Bombay Stock Exchange on Friday.

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