Grasim wins Forbes Asia's Fabulous award
Forbes Asia selected a group of 50 listed companies with the best aggregate scores for long term profitability, sales and earnings growth. It also took into account projected earnings and stock price gains for the "Fabulous 50" award.
Grasim Industries Limited, an Aditya Birla Group company was one of the Indian companies to make the elite list.
The award ceremony was held in Putrajaya, Malaysia on 4 December 2007. The award was given by Mrs. Rafidah Aziz, the Hon'ble Minister of International Trade & Industry of Malaysia. Other Indian companies in the list included ICICI Bank, Infosys, L&T, Satyam, TCS and Wipro.
Forbes Asia Fabulous 50 award selection
500 public companies in the Asia-Pacific region that matched the definition of 'big' decided by Forbes Asia were screened for sustained and rising profitability. The ranking did not go by size like Forbes Global 2000 or by the measure of brand value. The award winners were selected on the basis of their performance with sharper growth results amidst fast-paced competition prevailing in the present market situation.
Excellent performance by Grasim
Grasim, a flagship company of the Aditya Birla Group, has posted good results for the second quarter ended 30 September 2007. Cement and Viscose Staple Fibre (VSF), its core businesses, have been the growth drivers. The chemical and sponge iron businesses have contributed as well. Ongoing modernisation efforts, upgradation of plants and energy optimisation have been instrumental to the growth process.
Grasim has notched up a consolidated net profit of Rs.620 crore, up by 50 per cent and consolidated net revenue of Rs.3,973 crore, up by 25 per cent.
Grasim Industries Limited, a flagship of the Aditya Birla Group, ranks among India's largest private sector companies, with a consolidated turnover of Rs.141 billion and a consolidated net profit of Rs.20 billion (FY2007). Grasim - a VSF and cement major with strong competitive edge and global sized operations has domestic leadership in cement and is a leading global player in VSF business.
About Aditya Birla Group
The Aditya Birla Group is India's first truly multinational corporation. The Group is driven by a performance ethic pegged on value creation for its multiple stakeholders. A US$ 24 billion conglomerate, with a market capitalisation of US$ 31.5 billion, it is anchored by an extraordinary force of 100,000 employees belonging to over 25 different nationalities. Over 50 per cent of its revenues flow from overseas operations.