Kumar Mangalam Birla-led Grasim Industries Ltd. reported a 25% increase in consolidated net profit for the June quarter to ₹1,116.07 crore on the back of a 71% growth in revenue, to ₹16,857 crore.
“The results were achieved due to better realisations, higher volumes and operational efficiencies,” said Sushil Agarwal, Group CFO, Aditya Birla Group.
Not comparable
The results of the quarter were not comparable with those of the corresponding period of the last fiscal as the previous year’s results did not include the results of the erstwhile Aditya Birla Nuvo Limited (ABNL), which merged with the company effective July 1, 2017, Grasim said in a statement.
“On a like-to-like basis, the performance for the quarter was outstanding as standalone revenue at ₹3,547 crore for the quarter was up by 29% and Ebitda grew by 66%,” said Mr. Agarwal.
The company appointed former Idea Cellular MD Himanshu Kapania as an additional director of the company. He is to be designated as vice chairman of the company.
Additional director
The board of Grasim approved capital expenditure plan of ₹1,112 crore for expansion in the caustic soda and specialty chemicals areas. On a standalone basis, net profit grew 85% to ₹643 crore, while revenue grew 75% to ₹4,789 crore.
The board also appointed Anita Ramachandran as additional independent director, with effect from August 14 for a period of five years.
Grasim shares rose a marginal 0.04% to ₹988.10 on the BSE on Tuesday.