Grasim reports excellent performance for Q1 FY 2010

1st July, 2009

28 July 2009

Grasim reports excellent performance for Q1 FY 2010

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Consolidated net revenue exceeds Rs. 50 billion
Consolidated net profit exceeds Rs. 10 billion

 

Financial performance

Rs. crore
  Consolidated Standalone
  Q1 FY10 Q1 FY09 Percent
change
Q1 FY10 Q1 FY09 Percent
change
Net revenue 5,123 4,448 15 3,079 2,618 18
PBIDT 1,681 1,356 24 947 834 14
Profit before taxes 1,358 1,090 25 763 699 9
Profit after taxes (before extraordinary gain) 934 792 18 531 514 3
Minority share (190) (120) -      
Net profit (before extraordinary gain) 744 672 11 531 514 3
Net profit (after extraordinary gain) 1,080 672 61 867 514 69
EPS (Rs.)            
Before extraordinary gain 81 73 11 58 56 3
After extraordinary gain 118 73 61 95 56 69

Grasim, an Aditya Birla Group company, today announced its results for the quarter ended 30 June 2009.

Consolidated revenue for the quarter rose by 15 per cent at Rs. 5,123 crore (Rs. 4,448 crore). Net profit was higher by 61 per cent at Rs.1,080 crore (Rs. 672 crore) which included an extraordinary gain of Rs.336 crore (net of tax) arising from the sale of sponge iron business.

Grasim's stand-alone revenue for the quarter stood at Rs. 3,079 crore (Rs. 2,618 crore). Despite higher interest cost and depreciation on new capacity created, net profit (after extraordinary gain) was higher by 69 per cent at Rs. 867 crore (Rs. 514 crore). The benefit of these new capacities will accrue fully in the subsequent quarters, as normally new plants take about a year to fully stabilise.

The cement business has been the key contributor. The company has posted a higher profit, despite the adverse performance of the sponge iron business which was disposed of during the year. The sponge iron business sold has shown a loss of Rs. 44 crore, as against a profit of Rs. 65 crore at PBIT level in the corresponding quarter.

The consolidated as well as the standalone results for the quarter are not strictly comparable with the corresponding quarter's results, owing to the sale of sponge iron business on 22 May 2009 and consolidation of Idea Cellular Limited as an associate from 1 January 2009, as against a JV earlier.

On comparable basis, excluding sponge iron business from both Q1 FY10 and Q1 FY09 and consolidation of Idea as an associate in Q1 FY09:

  • Revenue increased by 25 per cent on stand-alone basis and by 24 per cent on consolidated basis
  • PBIDT increased by 30 per cent on stand-alone basis and by 39 per cent on consolidated basis and
  • Net profit (before extraordinary gain) increased by 20 per cent on stand-alone basis and by 24 per cent on consolidated basis

 

Highlights of Grasim’s operations

Products   Production Sales
  Q1 FY10 Q1 FY09 Percent change Q1 FY10 Q1 FY09 Percent change
Cement Mn. M.T. 4.91 3.99 23 4.88 3.97 23
White cement M.T. 105,299 94,323 12 106,898 92,067 16
Wall Care Putty M.T. 42,372 31,550 34 43,639 31,543  

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