Net profit rises 48% to Rs 1,514 crore

Business Standard

Aditya Birla group’s Grasim Industries today reported a 48 per cent jump in profit to Rs 1,514 crore on a consolidated basis for the quarter ended December 2023 when compared to Rs 1,024 crore reported in the December quarter of the fiscal year 2023. The revenue for the quarter was Rs 31,965 crore in the December 2023 quarter, up 12 per cent as compared to Rs 28,648 crore reported in the same period of the fiscal year 2023.

On a standalone basis, the net profit for the quarter was Rs 236 crore in the December 2023 quarter as compared to Rs 257 crore reported in December 2022. The decline in profit of 8 per cent was due to exceptional profit reported in the December 2022 quarter due to part sale of stake in the health insurance business. The company’s revenue was Rs 6,400 crore, up 3 per cent in the December 2023 quarter.

The trial run for the company’s paints business called Birla Opus’s three plants has started and the sub-brand names have been finalised, and the development work for design, package artwork, and consumer communication has been completed. The launch of the paints business is scheduled for February 22nd.

The capital expenditure (capex) for the quarter stood at Rs 1,425 crore and of this, Rs 1,088 crore was invested in the paints business. The company successfully doubled Specialty Chemicals (epoxy polymers and curing agents) capacity in December 2023, it said in a statement.

First Published: Feb 08 2024 | 9:29 PM IST

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