Grasim reports excellent performance for Q3 FY2010

1st February, 2010

22 January 2010

Grasim reports excellent performance for Q3 FY2010

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Consolidated net profit Rs.715crore 56%
Consolidated net revenue Rs.4,844crore 5%

Consolidated Financial Performance:

  Quarter ended 9 months ended
  31.12.09 31.12.08 % change 31.12.09 31.12.08 % change
Net Revenue 4,844 4,610 5 14,715 13,549 9
PBIDT 1,511 1,073 41 4,822 3,452 40
Profit before taxes 1,177 749 57 3,840 2,576 49
Profit after taxes(before extraordinary item) 805 566 42 2,632 1,921 37
Minority share (90) (106)   (392) (303)  
Net profit(before extraordinary item) 715 460 56 2,240 1,618 38
Net profit(after extraordinary item) 715 460 56 2,576 1,618 59
EPS (Rs.)            
Before extraordinary item 78 50 56 244 176 38
After extraordinary item 78 50 56 281 176 59

Grasim Industries Limited, an Aditya Birla Group company, today announced its results for the third quarter ended 31 December 2009. Higher volumes and lower input prices have been the key growth drivers.

The company’s net revenue was higher by 5% at Rs.4,844 crore. PBIDT was higher by 41% at Rs.1,511 crore. Net profit at Rs.715 crore was up by 56%, despite higher depreciation on account of the commissioning of new projects and a substantially higher tax provision.

On a standalone basis, Grasim’s performance has been more impressive. Net revenue rose by 15% at Rs.3,088 crore (Rs.2,695 crore). PBIDT grew by 85% at Rs.1,075 crore (Rs.580 crore). Net profit increased by 81% at Rs.596 crore (Rs.330 crore), notwithstanding a steep rise in tax expenses and higher depreciation due to the commissioning of new projects.

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

On a comparable basis, excluding the sponge iron business from Q3FY09 and the consolidation of Idea as an associate in Q3FY09, the results for the current quarter would have been as indicated below:

    Production Sales
    Q3 FY10 Q3 FY09 % change Q3 FY10 Q3 FY09 % change
Cement (consolidated) Mn. Mt 8.99 7.99 13 9.21 8.08 14
White cement Mt 137,523 112,413 22 130,188 109,972 18
Viscose staple fibre Mt 81,991 51,777 58 81,306 53,758 51

Cement business
The cement business posted a healthy growth, as demand continued to remain strong. New capacities contributed to a 13% increase in production, at 8.99 million tons. Sales volumes expanded by 14% at 9.21 million tons. Cement prices were impacted, particularly in the south, due to excess capacity and lower demand. The quarter also witnessed a drop in clinker export realisation due to reduced off-take in the Middle East following a meltdown in construction activities. On a sequential basis, RMC (Ready Mix Concrete) volumes improved marginally.

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