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Grasim Industries Q1 net profit down 66

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Aditya Birla Group agency Grasim Industries Ltd on August 13 reported a 66.61 per cent decline in consolidated internet revenue at Rs 620.74 crore for the primary quarter ended June 2020, impacted by disruption in financial actions attributable to COVID-19 pandemic-induced lockdown.  The corporate had posted a internet revenue of Rs 1,859.61 crore throughout April-June quarter of the earlier fiscal, Grasim Industries stated in a regulatory submitting.

Its income from operations declined 32.24 per cent through the quarter underneath assessment to Rs 13,621.10 crore as in opposition to Rs 20,103.04 crore within the corresponding interval of earlier fiscal.

“The outcomes needs to be seen within the mild of the unprecedented disruption in financial actions as a result of COVID-19 induced lockdown in all the main markets through the quarter and the resultant demand & provide chain disruptions,” Grasim Industries stated in an announcement.

Whole bills stood at Rs 12,860.78 crore within the quarter underneath assessment as in opposition to Rs 17,478.16 crore within the year-ago quarter.

Income from viscose – pulp, viscose staple fibre and filament yarn phase declined 77.75 per cent to Rs 558.12 crore in Q1 of FY2020-21 as in opposition to Rs 2,509.11 crore a 12 months in the past.

In response to the corporate, the home textile business was severely impacted by the extension of lockdown in key manufacturing hubs and lowered labour availability.

“The operational and monetary efficiency of the viscose enterprise was subdued for the months of April and Could 2020 attributable to lockdown, however witnessed a gentle enchancment within the month of June 2020 and thereafter, with an increase within the capability utilisation throughout the vegetation to 79 per cent at present,” it stated.

Income from cement enterprise UltraTech was down 33.15 per cent to Rs 7,633.75 crore as in opposition to Rs 11,419.74 crore within the corresponding quarter of earlier fiscal.

“Common disruption on account of the lockdown impacted the enterprise efficiency,” Grasim stated, including that some encouraging tendencies had been seen through the latter a part of Could 2020 after steps to open up the economic system had been taken by the federal government.

Income from chemical substances phase fell 53.16 per cent to Rs 704.20 crore from Rs 1,503.49 crore within the first quarter of 2019-20.

“Within the chemical enterprise, the chlorine derivatives merchandise demand remained sturdy pushed by demand from disinfectant and hygiene merchandise,” the corporate stated.

Through the quarter, caustic soda manufacturing staged a robust restoration in volumes as capability utilisation improved to 70 per cent within the month of June after a low of 23 per cent utilisation witnessed in April.

Income from monetary companies phase, Aditya Birla Capital, was up 10.79 per cent to Rs 4,016.74 crore as in opposition to Rs 3,625.23 crore a 12 months in the past.

“The NBFC and housing finance lending e-book stood at Rs 58,073 cr in Q1/FY21. The core working revenue in NBFC and housing finance was maintained regardless of gradual restoration underneath lockdown.

“The enterprise continues to have sturdy give attention to high quality of e-book and has lowered ticket sizes throughout the board,” the corporate stated.

On outlook, Grasim Industries stated with easing of lockdown circumstances and gradual resumption of financial actions, demand for the corporate’s merchandise is predicted to rise within the coming quarters

“The corporate with its inherent monetary energy, operational excellence, and various product portfolio – cement, monetary companies, viscose and chemical substances – is effectively poised to face up to short-term disruptions and maintain management throughout its companies,” it stated.

Shares of Grasim Industries Ltd on Thursday settled 0.86 per cent greater at Rs 631.90 on the BSE.
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