For the first nine months (9M) of FY23, the company’s consolidated revenue grew by 26 per cent YoY to ₹84,165 crore, and its PAT stood at ₹5,458 Crore, up by 14 per cent YoY, Grasim Industries said in a press release.
India’s Grasim Industries Limited, a flagship company of Aditya Birla Group, has reported a consolidated revenue growth of 17 per cent year-on-year (YoY) to ₹28,638 crore (approximately $3.8 billion) in the third quarter (Q3) of the fiscal 2023 (FY23). The company’s consolidated profit after tax for the quarter stood at ₹2,516 crore, up by 44 per cent YoY.
In Q3 FY23, Grasim’s viscose business’ revenue declined by 5 per cent YoY to ₹3,182 crore, and the EBITDA at ₹63 crore was down by 84 per cent YoY. The decline in the viscose business revenue was attributed to lower operating rates of viscose staple fibre (VSF) at 71 per cent, pricing pressure, and high input costs, resulting in negative EBITDA for Q3. However, the viscose filament yarn (VFY) business showed good performance, offsetting the decline in VSF.
The chemicals business’ revenue grew by 10 per cent YoY to ₹2,582 crore in Q3 FY23, and EBITDA stood at ₹488 crore, down by 8 per cent YoY, as the speciality chemicals segment saw normalisation of the realisations.
The company also announced its plans for B2B e-commerce business, where most of the senior leadership team has joined, and the hiring for the next level is in process.
Grasim’s environmental, social, and governance (ESG) rating has been upgraded to ‘BBB’ from ‘BB’ by MSCI, recognising the company’s consistent progress towards sustainability initiatives. The share of renewable energy in power consumption increased for both the chemicals and textiles business in 9M FY23 as compared to FY22.
Fibre2Fashion News Desk (DP)