Grasim Q1 Profit Down 12%, Revenue Up 9% - Business News

New Delhi, Aug 9 (PTI) Aditya Birla Group flagship holding firm Grasim Industries Ltd on Friday reported a decline of 12 per cent in its consolidated net profit at Rs 2,267.74 crore for the first quarter ending June 2024, on account of higher depreciation and interest charges on account of new growth businesses.

The company had posted a net profit of Rs 2,576.35 crore during the April-June quarter a year ago, according to a regulatory filing by Grasim Industries, which controls leading group companies such as UltraTech, Aditya Birla Capital and Aditya Birla Renewables

Its revenue from operations was up 9 per cent to Rs 33,860.75 crore during the quarter under review from Rs 31,065.19 crore in the corresponding period of the previous fiscal.

The revenue growth was "driven by a strong performance from its diversified businesses portfolio. Cellulosic Staple Fibre, Building Materials and Financial Services businesses delivered superior performance," said an earning statement from Grasim Industries.

However, Grasim's EBITDA was lower by 4 per cent at Rs 4,760 crore, which was on account of Grasim's investments in the Paints business Birla Opus.

"Further, higher depreciation and interest charges on account of new growth businesses has led to lower PAT," Grasim added.

Total expenses of Grasim Industries were 12 per cent higher in the June quarter to Rs 31,249.17 crore.

Its total income, which includes revenue from other sources, was up 8.92 per cent in the June quarter to Rs 34,160.77 crore.

Share of Grsim Industries was trading at Rs 2,575.05 apiece on BSE, up 1.22 per cent from the previous close.