Grasim Industries on Thursday reported a 66.61 for each cent calendar year-on-12 months drop in net profit at Rs 620.74 crore for the quarter finished June 30. The determine stood at Rs 1,859.61 crore in the corresponding quarter previous year.
Consolidated revenue from operations of the company declined 32.24 for every cent YoY to Rs 13,621.10 crore. The determine stood at 20,103.04 crore very last calendar year.
Grasim is the father or mother firm of UltraTech Cement and also owns Aditya Birla Group’s photo voltaic, renewable power and capital investment businesses.
The business mentioned the benefits must be witnessed in light of the unprecedented disruption in financial functions owing to the Covid-19 induced lockdown in all the important markets all through the quarter and the resultant demand and supply chain disruptions.
It stated the company’s viscose business enterprise was subdued for the months of April and Might 2020 thanks to lockdown, but witnessed regular advancement in the thirty day period of June 2020 and thereafter, with a rise in the capacity utilisation across the plants to 79 for each cent now. The net revenue for the viscose segment (like VFY) stood at Rs 558 crore.
In the chemical substances business, the chlorine derivatives items demand remained robust pushed by demand from disinfectant and cleanliness products and solutions. The Caustic Soda production staged a potent recovery in volumes during the quarter and the capacity utilisation enhanced to 70% in the month of June right after a low of 23% utilisation witnessed in April.
“For the latest year, the board has approved a capex approach for Rs 1,615 crore maintaining in head the momentary disruption in the company’s earnings. The capex consists of boosting capacities in VSF in FY22, aside from ongoing modernisation capex at a variety of vegetation,” the enterprise explained in a assertion.