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Last Updated : Aug 14, 2019 03:17 PM IST | Source: Moneycontrol.com

Grasim Industries Q1 net falls 68.6% to Rs 201cr on one-time loss

Revenue of the company was up 4.4 percent at Rs 5,000.6 crore against Rs 4,789.2 crore

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Grasim Industries has reported 68.6 percent fall in its Q1 standalone net profit at Rs 201.7 crore on one-time loss of Rs 290 crore on impairment in the value of the investment in payment bank.

The company had posted a profit of Rs 642.5 crore in a year-ago period.

Revenue of the company was up 4.4 percent at Rs 5,000.6 crore against Rs 4,789.2 crore.

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Earnings before interest, tax, depreciation and amortization (EBITDA) was down 21.8 percent at Rs 843.7 crore and the margin was down 560 bps at 16.9 percent.

Recently, the associate company Aditya Birla Idea Payments Bank (ABIPBL) stopped its operations.

This decision was taken due to unanticipated developments in the business landscape that have made the economic model unviable.

At 1506 hours, Grasim Industries was quoting at Rs 733.20, up Rs 23.50, or 3.31 percent.

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First Published on Aug 14, 2019 03:17 pm

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