Aditya Birla Group firm Grasim Industries on Monday reported a 34 per cent increase in consolidated net profit at Rs 2,024.05 crore in the second quarter ended September 2023.
The company had posted a net profit of Rs 1,509.19 crore during the July-September quarter a year ago, Grasim Industries said in a regulatory filing.
Its revenue from operations was up 10 per cent to Rs 30,220.68 crore during the second quarter of this fiscal. It was at Rs 27,485.54 crore in the corresponding period of the previous fiscal.
The revenue growth was "driven by the strong performance of key subsidiaries: UltraTech Cement, Aditya Birla Capital, and Aditya Birla Renewables", Grasim Industries said in an earnings statement.
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However, it also added that softening of realisations in caustic soda impacted the standalone performance.
Grasim Industries' total expenses were at Rs 27,638.82 crore in the second quarter of FY24.
Its total income in the September quarter was at Rs 30,505.27 crore.
Grasim's revenue from viscose-pulp, viscose staple fibre (VSF) and filament yarn segment was at Rs 3,888.88 crore in the quarter compared to Rs 3,903.14 crore in the corresponding quarter a year ago.
"The Viscose Filament Yarn (VFY) business margins faced pressure as China's aggressive pricing policy led to necessary price adjustments in the domestic markets," it said.
Revenue from its subsidiary UltraTech Cement stood at Rs 16,012.13 crore in the reporting quarter as against Rs 13,892.63 crore in the same quarter a year ago.
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Its revenue from the chemicals segment fell to Rs 1,988.40 crore compared to Rs 2,708.48 crore in the second quarter of FY23.
Revenue from the financial services segment -- Aditya Birla Capital Ltd (ABCL) -- was at Rs 7,707.91 crore as against Rs 6,808.49 crore a year ago.
"The momentum across businesses led to a 41 per cent YoY and 8 per cent sequential growth in the overall lending portfolio (NBFC and HFC) to Rs 1,08,961 crore as on 30th Sep-23. Mutual fund quarterly average assets under management (QAAUM) increased by 10 per cent YoY and 5per cent sequentially to Rs 3,10,899 crore with equity mix at 41.9 per cent, " it said.
Over the capex outlay for Q2FY24, Grasim said it stood at Rs 1,650 crore, of which Rs 1,269 crore was for paints business.
"The Board has approved Capex of Rs 144 crore for different businesses and has approved rephasing of spending of earlier approved Capex entailing additional spend of Rs 138 crore in current financial year. The budgeted spend for FY24 stands revised at Rs 5,929 crore," it said.
Shares of Grasim Industries on Monday settled at Rs 1,926.25 apiece on BSE, down 1.03 per cent from the previous close.
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